IPO For thyssenkrupp Elevator Part Of New Strategy

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Welcome to the Elevator World News Podcast. This week’s news podcast is sponsored by LIFTEX IPO FOR THYSSENKRUPP ELEVATOR PART OF NEW STRATEGY The executive board of thyssenkrupp AG has proposed to the supervisory board its elevator business be launched in an initial public offering (IPO), rather than splitting the company in two as thyssenkrupp Industrials and thyssenkrupp Materials. The move is part of what the executive board describes as a “fundamental strategic realignment” announced on May 10. The move is expected to end antitrust proceedings of the European Commission related to thyssenkrupp Steel Europe AG’s alleged role in suspected cartel agreements. thyssenkrupp and India’s Tata Steel assume the planned joint venture will be blocked by the commission in light of concerns not resolved by a market survey done in the wake of several concessions by the steel giants. thyssenkrupp plans to reintegrate its Steel Europe business back into the group in the third quarter of this fiscal year. “The economic downturn and its effects on business development and the current capital market have led to the separation not being able to be realized as planned,” the company said. “Instead, thyssenkrupp will fundamentally realign itself to significantly improve operating performance.” Image credit: thyssenkrupp To read the full transcript of today's podcast, visit: elevatorworld.com/news Subscribe to the Podcast: iTune s│Google Play|SoundCloud│Stitcher│TuneIn

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