Posted in | Business | Iron and Steel

ThyssenKrupp Make Further Progress on Divesting Stainless Global

Published on August 21, 2011 at 10:29 PM

On May 13 ThyssenKrupp AG decided on an integrated strategic development program to move the Group forward competitively and sustainably. This program includes optimization of the portfolio.

The Group will be divesting businesses for which there are stronger alternative strategic options. The decision made by ThyssenKrupp AG to part with the activities of the Stainless Global business area is a key element in this.

Important steps have already been taken in establishing Stainless Global as a separate entity. They included the decision to structure it as a holding company with a functional management board, and the appointment of four new board members. Now the new management line-up of Stainless Global has been completed: Today the relevant bodies appointed Frank Brüggestrat (48) as Chief Human Resources Officer with effect from September 1, 2011. He previously worked in the same role for the Marine Systems business area of ThyssenKrupp AG.

As a separate entity, Stainless Global will be able to strengthen its competitive position with greater flexibility - also with a view to potential strategic partnerships. For this reason all options for continuing the business outside the Group are being examined with an open mind.

The possibilities under consideration are an IPO, a spin-off or an outright sale. To prepare this step it is necessary to establish a separate structure for the transaction. This is fully on schedule. Intensive work is being carried out on the necessary organizational measures.

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