Dec 29 2012
ThyssenKrupp today completed the combination of its stainless steel business Inoxum with the Finnish company Outokumpu.
With today’s closing of the deal ThyssenKrupp will receive one billion euros in cash from Outokumpu for Inoxum. In addition Outokumpu will assume external debt of Inoxum in the amount of around 133 million euros. This will lead directly to a significant reduction in ThyssenKrupp’s net financial debt. Outokumpu will also assume pension liabilities of around 338 million euros. ThyssenKrupp will additionally receive a loan note from Outokumpu with a current value of around 1.25 billion euros and a 29.9 percent stake in the new company.
As announced at the start of the year the transaction was closed today before the end of 2012. Dr. Heinrich Hiesinger, ThyssenKrupp CEO: “As promised we have implemented the portfolio measures announced in May 2011 within the timeframe we set ourselves. We have taken a further important step in leading ThyssenKrupp into a successful future.”
ThyssenKrupp has 150,000 employees in over 80 countries working with passion and expertise to develop solutions for sustainable progress. Their skills and commitment are the basis of our success. In fiscal year 2011/2012 ThyssenKrupp generated sales of €40 billion.
Innovations and technical progress are key factors in managing global growth and using finite resources in a sustainable way. With our engineering expertise in the areas of “Material”, “Mechanical” and “Plant”, we enable our customers to gain an edge in the global market and manufacture innovative products in a cost and resource efficient way.
Source: http://www.thyssenkrupp.com