Thyssenkrupp’s Radical Restructuring on the Horizon
According to a media report, German industrial conglomerate Thyssenkrupp is poised for a drastic overhaul, with the company’s board, led by CEO Miguel Lopez, planning to transform the business into a financial holding company, paving the way for further asset sales.
The central office, currently staffed by around 500 employees, is set to be reduced to a mere 100 personnel, with additional cuts planned in the administrative department, which employs approximately 1,000 people, the “Bild am Sonntag” reported, citing company sources.
As the company’s steel division and shipyard, Thyssenkrupp Marine Systems, prepare to depart, the disintegration of the conglomerate continues, with insiders revealing that the steel trading business is also being prepared for exit. The division, which employs 16,000 people and generated a revenue of 12.1 billion euros in the last year, is reportedly set to be taken public.
Lopez’s plans, however, may not stop there, as the report suggests that a part of the auto-supplier division could be shut down or sold. “Only a rump may remain, at best” a manager told the “Bild am Sonntag”. The plans still require approval from the supervisory board, with sources indicating that significant resistance is not expected and the changes are likely to proceed as planned.
A company spokesperson responded, stating that changes are a constant occurrence and that a change in the trading subsidiary was not ruled out.