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ThyssenKrupp Stops Business with Iran
09/24/2010 - ThyssenKrupp AG announced it will no longer enter into any new contracts with Iranian customers, effective immediately. The company also plans to terminate existing Group interests in Iran as soon as possible.
ThyssenKrupp AG announced it will no longer enter into any new contracts with Iranian customers, effective immediately. The company said it would also terminate existing Group interests in Iran as soon as possible.
“By halting business with Iran we are supporting the sanctions policies of the Federal Republic of Germany, the EU and the USA,” said Dr. Ekkehard Schulz, Executive Board Chairman of ThyssenKrupp AG.
ThyssenKrupp had previously instructed all Group companies, including engineering contractors such as Uhde, to comply with the stricter U.S. sanctions against Iran (Iran Sanctions Act).
The Executive Board’s latest decision prohibits all new business with Iran and thus goes beyond the current sanctions measures, which relate primarily to the petroleum sector (oil and gas).
ThyssenKrupp is an integrated materials and technology group with currently almost 175,000 employees in more than 80 countries developing ideas and innovations to offer solutions for sustainable progress. In the 2008/2009 fiscal year they generated sales of more than €40 billion. Eight business areas focus the Group’s activities and know-how in the strategic competency areas of Materials and Technologies. In addition to manufacturing materials and plants, the Group also provides complete system solutions and innovative services.
