ThyssenKrup says in line with “portfolio optimisation,” the Group will be divesting businesses for which there are stronger alternative strategic options.
Specifically, the executive board has decided to move the activities of the Stainless Global business area to become a separate entity.
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An independent transaction object has been established, which will be split from ThyssenKrupp, although the way in which the separation will take place – through an IPO, spin-off or sale to a best owner – is still being examined. “All options are still open,” noted a company statement.
Stainless Global will become an independent entity under the name Inoxum with the new operation organised as a holding company and with a functional management board performing strategic tasks and managing the operating business units.
Inoxum will bring together the worldwide production, processing and distribution of stainless steel flat products as well as the production and distribution of high-performance materials such as nickel alloys, titanium and zirconium.
Companies with plants in Germany, Italy, Mexico, China and the US employing around 11,300 people are organised in the Inoxum group.
Sales in fiscal year 2009/10 were around EUR5.9bn (US$7.8bn).
