Thyssenkrupp’s CEO Defends Plans to Spin Off Five Business Segments into Independent Companies
Thyssenkrupp’s CEO, Miguel López, has defended the company’s plans to spin off its five business segments into independent companies, amid criticism from labor unions. According to López, the move is not a dismantling of the company, but rather a restructuring, which he believes will strengthen the future entities.
In an interview with the Frankfurter Allgemeine Zeitung, López stated that the numbers circulating about the plan’s impact on jobs are inaccurate and that the company’s plans for the future holding’s personnel structure are still in the early stages. He emphasized that the goal is to create five clear growth-oriented areas, each with access to capital and the ability to drive their own growth.
López also addressed concerns about a lack of transparency, saying that the company has already held preliminary discussions with the relevant committees and both labor and shareholder sides were informed.
The plan’s success is also dependent on the support of the Krupp-Stiftung, the largest individual shareholder of the company, with a 21 percent stake and two seats on the supervisory board. López is confident that the plan will be well-received by the shareholders, saying, “Our plans will go down well with the shareholders.”
The Krupp-Stiftung, however, declined to comment on the matter.
While López did not provide a clear timeline for the spin-offs, the company is pushing to list a minority stake in its Marine segment on the stock exchange this year, regardless of the government’s involvement. The CEO stated that the company is in close contact with the government and that the signals they have received are professional and as they should be.
The CEO’s comments suggest that the company is moving forward with its plans and an extraordinary general meeting is planned for September 16 to present the concept to the supervisory board.