The Supervisory Board of the Dax group from Essen has approved the division into two independent publicly traded companies unanimously. Layoffs would be carried out. From Essen Klaus Deuse.
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Thyssenkrupp: make two Out of one
The splitting of the group into two independent listed company, is a done deal. On Sunday, the Supervisory Board approved the just a few days ago, surprisingly, interim chief Guido Kerkhoff Plan as presented unanimously.
Accordingly, the prosperous and technology-oriented divisions, elevators, auto parts and construction in the case of the “Thyssenkrupp Industrials AG” with approximately 90,000 employees, is summarized. The divisions materials trading (steel), wrought-business, large-diameter bearings and Navy, with 40,000 employees operate in the future, “Thyssenkrupp Materials AG”.
Guido Kerkhoff, a long-time financial chief, and in the past few weeks, transition chief, was appointed by the Supervisory Board for five years as Chairman of the Board. To implement the reorganization of the former conglomerate.
Since July, the longtime chief financial officer Guido Kerkhoff interim boss, now he is officially Chairman of the Board
The Supervisory Board was the partition plan of quasi-waved, ultimately, not a surprise. Shortly after known of Kerkhoffs plans, the Thyssenkrupp share price rose to ten percent. In addition, the Krupp Foundation, which holds 21 per cent, the largest proportion of shares had signalled their consent.
Also, the unions were behind the concept. After the resignation of Supervisory Board Chairman Ulrich Lehner, who had thrown a few weeks ago, as well as the previous chief Executive, Heinrich Hiesinger, the towel, and the withdrawal of Rene Obermann to the Supervisory Board, had the workers ‘ representation on ten of the 18 seats in this body.
Tag instead of Filleting
But what is not less difficult weighed: the division of the Swedish investment company Cevian fits especially into the concept, which has 18 per cent of the shares. Cevian and also of the US Investor Elliott, which holds three percent of the shares, had criticised for a long time, the hard-to-maturity of the Dax group, and on changes pushed.
Of a feared dismantling, such as through the sale of lucrative Elevator business, is now no more talk. “The impending sale,” the head of the IG Metall Union in North Rhine-Westphalia, Knut Giesler, “from the table”.
Guido Kerkhoff had assured the trade Union before the course: “The jobs will be under this tag is safer than before.” In the framework of the division has now been written that it will give the two companies no compulsory redundancies.
In addition, the co-determination remains within the framework of a basic agreement is guaranteed, also in terms of investment and personnel planning as well as securing locations. You are not bent towards the capital side, but have constructively contributed to the restructuring of the group in the interest of the workers, the trade Union.
On 2. July 2018 under the then Thyssenkrupp chief Heinrich Hiesinger signed the merger of the steel division of Tata Steel from India three days later he resigned
The 27.000 steelmaker Thyssenkrupp will have to make after the merger with Tata Steel little Worried about their jobs, whose business has been assigned to the “Materials AG”. For the agreed long – term Job and site guarantees.
Also, the Krupp Foundation looks at its social obligation to the workers as a met. In the case of two stand-alone publicly traded company, “Thyssenkrupp Industrials” and “Thyssenkrupp Materials”, the Foundation-namely, our anchor shareholder, without their consent can be taken no decisions.
In principle, the Foundation could redeploy shares in order to achieve more income. However, it is from the Foundation that this will not be the case. You feel the Company is obliged and put on a good Balance of competitiveness and safeguarding sustainable jobs. A message that should reassure the employees of the sales of weak Marine sector and in plant construction.
Wait and see how the market reacts
What does this mean for the shareholders and the employees, when the group puts on two legs? The shareholders are to receive 100 percent of the “Materials AG” and a clear majority in the “Industrials AG”. The Details are expected with voltage.
Now firmly in the management seat at the end of Guido Kerkhoff sees the division in any case, opportunities for the previously not-so-thriving areas of the company, as you will provide the “Materials AG” with a share in the growth of strong sister “Industrials AG”. The exact amount of this participation did not like to quantify Kerkhoff, however, exactly.
The division does not, however, the ongoing savings programs in the shipbuilding industry and the administration. On the other hand, due to the division areas, such as Controlling or human resources need to be created twice. The can not hold the bottom line, the balance, sure it is.
Even if trade unions, investors, and the Krupp Foundation welcome the transformation in unison – whether can claim that the two independent Thyssen Krupp’s on the market, must only still show up.