Even the new ThyssenKrupp boss gets the crisis in their group probably only once under control. The steps taken to improve the development would not yet fully penetrate in the current financial year, said Martina Merz when presenting the balance sheet 2018/19.
In the past fiscal year, the Group reported a net loss of 304 million euros, after a deficit of 62 million euros in the previous year. The operating result declined from € 1.4 billion to € 802 million, mainly due to the weak steel business and the slump in car component sales. Merz expects no improvement here in 2019/20, but an adjusted Ebit result at the previous year's level. The net loss will be due to the restructuring even higher than last.
In autumn, Germany's once most powerful industrial company also dropped out of the leading Dax index. After the departure of the former boss Guido Kerkhoff the company threatens to become a Resterampe. The financial investor Cevian wants to make a checkout - the elevator division, the only business with prospects and high yields, should possibly be resolved soon from the group.
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Thyssenkrupp: descent of a giantOther divisions are also to be restructured: The plant, which is currently writing losses, will be brought back on track operationally. At the same time, Thyssenkrupp is examining the possibility of further developing the business with partners or under a new roof, according to the company. In the business area System Engineering, which manufactures components around the topics body and powertrain for the automotive industry and offers automation solutions for electric storage and drive systems, about 640 jobs are to be cut.
"We turn every stone around"
Just a few weeks after assuming office, former Bosch manager Merz, with the support of the Executive Board and the Supervisory Board, cut the dividend. The medium-term goals would not be achieved as planned in 2020/21. Merz announced a decision on the IPO or sale of the lucrative elevator division for the first quarter of 2020 and announced a drastic reduction in head office.
Marcel Kusch / dpa
The corporate headquarters in Essen: Here, too, jobs are to be reduced
At the beginning of October, the 56-year-old took over the leadership of Kerkhoff's troubled traditional company. The engineer is the third leader in just 15 months. It should also be only a temporary solution: After a maximum of twelve months, Merz should return the former Supervisory Board member to the Supervisory Board and make room for the next CEO.
On Wednesday, Thyssenkrupp announced that it would cut 640 jobs in automotive plant construction in Germany. At Essen headquarters, the number of employees will be reduced to 430 from just under 800 within twelve months. Already Kerkhoff had announced that he would cut 6,000 of the 160,000 jobs in the group, including 4,000 in Germany. Thyssenkrupp has reserved a mid-triple-digit million amount for restructuring this year.
DPA
Martina Merz is the third leader in just 15 months - and only a temporary solution
"We're turning every stone in the company," Merz announced. The performance of several transactions was not satisfactory. "This has to do with the fact that necessary structural improvements and restructuring have not been implemented with the necessary consistency, which we will tackle now - swiftly and systematically."
