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ThyssenKrupp Supervisory Board Approves Plans for Strategic Development
05/18/2011 - The Supervisory Board of ThyssenKrupp AG has approved in full the plans of the Executive Board for the further strategic development of the Group. The company recently announced an extensive package of measures that focuses its portfolio.
The Supervisory Board of ThyssenKrupp AG has approved in full the plans of the Executive Board for the further strategic development of the Group. The company recently announced an extensive package of measures that include a focusing of the portfolio affecting sales of around €10 billion and roughly 35,000 employees:
- Completion of the ongoing disposal processes for ThyssenKrupp Metal Forming and ThyssenKrupp Xervon
- Implementation of the strategic partnership between Abu Dhabi Mar and ThyssenKrupp Marine Systems
- Sale of ThyssenKrupp Waupaca as part of a best-owner solution
- Divestment of ThyssenKrupp Tailored Blanks as part of a best-owner solution
- Combining the chassis activities of the Bilstein group and Presta Steering
- Sale of the springs and stabilizers business and the Brazilian Automotive Systems business as part of a best-owner solution
- Independence of the activities of the Stainless Global business area, and examination of all options for continuing the activities outside the Group.
The focusing affects businesses for which alternative strategic options are more viable, helping to ensure that ThyssenKrupp is able to successfully participate in future growth, particularly in the emerging markets.
Dr. Heinrich Hiesinger, Executive Board Chairman of ThyssenKrupp AG, said: “The Supervisory Board’s decision clears the way to move ThyssenKrupp forward competitively and sustainably. That means reducing our debt, enabling growth, generating income, and creating value for our company. My special thanks go to the employee representatives, who have supported this development process constructively at all times.”
Under the strategic development measures, the Group will make no compulsory redundancies. If companies are sold, the Group says that it expects potential buyers to present a coherent business plan and make binding statements about the future of sites and jobs. Employee representatives will be involved at an early stage in the implementation of individual portfolio measures.
This and other points have been agreed to by the Executive Board, Group Works Council, and the IG Metall union, and corresponding agreements have been concluded.
The implementation of the strategy will be managed through the new corporate program “impact.” According to the Group, its aim is to mobilize and involve all operating units and provide a framework for the various themes. Key action areas are “Customers and Markets,” “Performance and Portfolio,” “Human Resources and Development,” and “Innovation and Technology.”
ThyssenKrupp is an integrated materials and technology group with currently almost 177,000 employees in more than 80 countries. In the 2009/2010 fiscal year they generated sales of more than €42 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.
