By Nick Gilbert
ThyssenKrupp Steel Europe’s Executive Board decided in October 2011 to divest the business of the company with premium steel products for the whole construction industry.
The board’s decision followed an analysis of various alternatives for improving the competitiveness and earnings of the business. After reviewing a number of options, the board decided to look for a best owner solution. ThyssenKrupp Steel Europe has now signed a purchase and sale contract with Kingspan for the Construction Group. The company is expecting to close the deal in the coming weeks.
ThyssenKrupp Steel Europe’s Construction Group is a leading European insulated panels business which supplies lightweight steel construction elements that can be used in the facades, walls, floors and roofs of industrial structures and in cold room construction, as well as offers tailored solutions for engineers, planners, building owners and architects for building structures with steel. Examples of the Construction Group’s outstanding application include Hong Kong airport, Stuttgart exhibition center and Melbourne sports stadium.
ThyssenKrupp has found a new owner in the form of Kingspan for the construction activities. The latter will develop the business strategically and strengthen its presence in the European market.
The Construction Group processes approximately 120,000 tons of steel manufactured by ThyssenKrupp Steel Europe into premium products that are meant for the construction industry. It produces roughly 13 million m2 of insulated panels and profiles annually. The Construction Group, which had sales in the year to 31 March 2012 of EUR 315 million, includes ThyssenKrupp Bausysteme, Isocab and Hoesch Bausysteme and has plants in Austria, Belgium, France, Germany (Kreuztal-Eichen, Oldenburg) and Hungary.