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Tech & Science Thyssenkrupp closes elevator sale - What will become of steel now?

14:41  31 july  2020
14:41  31 july  2020 Source:   de.reuters.com

A like elevator tower: Better not if you are afraid of heights

 A like elevator tower: Better not if you are afraid of heights © Silas Stein / dpa Clouds pass the ThyssenKrupp test tower. Once a year, people with trained legs and lungs take the function of the Rottweiler test tower to the point of absurdity: during the stairwell run, the participants dash up the 1390 steps inside. However, the Thyssenkrupp company built the tower to test high-speed elevators for skyscrapers. There are twelve shafts. Otherwise, the tower mainly attracts fans of huge panoramas, whose knees do not shake when you look down.

© Reuters. Model of elevator called MULTI is pictured inside Thyssenkrupp 's elevator test tower in Rottweil. FRANKFURT (Reuters) - Thyssenkrupp (DE: TKAG ) on Friday said it successfully closed the 17.2 billion euro (.4 billion) sale of its elevator division, leaving the ailing conglomerate with a

Thyssenkrupp AG will sell its elevator division to a group backed by Advent International and Elevator sale is part of broader restructuring at conglomerate. The Thyssenkrupp Elevator test “With the sale , we are paving the way for Thyssenkrupp to become successful,” Merz said in a

Thyssenkrupp's logo is seen outside elevator test tower in Rottweil © Reuters / MICHAELA REHLE Thyssenkrupp's logo is seen outside elevator test tower in Rottweil

Düsseldorf (Reuters) - The troubled Thyssenkrupp Group has finally brought the € 17.2 billion sale of its elevator business to a dry cloth.

"The proceeds in the billions give us tailwind for the conversion of Thyssenkrupp," said CEO Martina Merz on Friday. The transaction immediately led to a significant decrease in debt towards a net credit. The Essen-based development bank KfW does not have to raise funds from the state development bank KfW in the Corona crisis; no corresponding credit line has been drawn.

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Conglomerate Thyssenkrupp must soon find a solution for its struggling steel unit and say how it will "There has to be a solution for steel in the near term. It would be good if there was clarity until the next Speich's remarks come ahead of the deal's closing , which sources say is expected on Friday.

Conglomerate Thyssenkrupp must soon find a solution for its struggling steel unit and say how it will "There has to be a solution for steel in the near term. It would be good if there was clarity until the next Speich's remarks come ahead of the deal's closing , which sources say is expected on Friday.

The Esseners are giving themselves a respite and now have to decide for which investments they will use part of the money that should not be used to reduce debts or restructuring measures - according to earlier reports Thyssenkrupp is planning to re-participate in the elevator business. "In view of the general economic situation that is uncertain due to Corona, the company will continue to retain the greatest possible flexibility when it comes to the exact distribution of the use of funds," emphasized the group. Among other things,

Thyssenkrupp must clarify the future of its traditional steel division. Because the problems of the group continue to grow due to the economic consequences of the Corona crisis. In the third quarter of the 2019/20 financial year (as of the end of September), a loss of up to one billion euros could occur, possibly a high three-digit million amount, it said in a letter from the Executive Board to the employees in mid-July. "From today's perspective, a rapid recovery of our customer industries is unlikely. This applies particularly to the automotive industry," the management admitted.

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Conglomerate Thyssenkrupp must soon find a solution for its struggling steel unit and say how it will "There has to be a solution for steel in the near term. It would be good if there was clarity until the next Speich's remarks come ahead of the deal's closing , which sources say is expected on Friday.

Conglomerate Thyssenkrupp must soon find a solution for its struggling steel unit and say how it will spend FRANKFURT (Reuters) - Conglomerate Thyssenkrupp must soon find a solution for its Speich's remarks come ahead of the deal's closing , which sources say is expected on Friday.

Thyssenkrupp does not rule out an option for the steel division suffering from the crisis. Alliances, like the sale of a majority, are among these. A merger of the steel businesses of Thysenkrupp and Salzgitter is considered one possibility. According to insiders, Tata Steel, SSAB and Baoshan Iron & Steel are also seen as possible partners. "A solution has to be found in steel in a timely manner," said Ingo Speich of Deka Investment, who was involved in Thyssenkrupp.

Buyer of the elevator business, the long-term earnings pearl Tyssenkrupp, is a consortium around the investors Advent, Cinven and the Essen RAG Foundation. Advent is about strengthening the company and investing in growth, said Germany boss Ranjan Sen. There is a lot of potential for business expansion, especially in Asia. There are already talks with possible takeover candidates. "We want to buy in. You just have to find the right takeover candidates," said Bruno Schick, partner and head of DACH and Emerging Europe at Cinven.

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