BERLIN/FRANKFURT (Reuters) -Thyssenkrupp on Monday said it would be separating its automotive, materials trading and green technologies divisions in the coming years, in the German conglomerate's
Thyssenkrupp to Split Automotive and Materials Units in Major Restructuring
BERLIN/FRANKFURT (Reuters) -Thyssenkrupp on Monday said it would be separating its automotive, materials trading and green technologies divisions in the coming years, in the German conglomerate's latest restructuring push.
The move will open up the three divisions to external ownership, Thyssenkrupp said, adding it would remain a majority owner in each of the businesses in any future set-up.
The Automotive Technology and Materials Services units would be prepared for the capital market, the company said, without specifying. Decarbon Technologies, a business focused on CO2 reduction, will also become independent.
"Such a step will enable us to leverage the full value creation potential of the businesses and use their independence in a targeted way for investments, market opportunities, and further growth," Thyssenkrupp CEO Miguel Lopez said.
Thyssenkrupp said the aim was to become a holding company with shareholdings in independent business areas.
Shares in the company were 6.5% higher.
Thyssenkrupp is currently preparing its two other divisions for a standalone future: Thyssenkrupp's warship division is to be spun off in 2025 while its steel division is planned to become a 50:50 joint venture with Czech billionaire Daniel Kretinsky.
(Reporting by Friederike Heine and Christoph Steitz; Editing by Rachel More and Ludwig Burger)
