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Thyssenkrupp sells elevators for € 17.2 billion to investors

2020-02-27T19:21:13.587Z

The buyer is a consortium of investors around the American Advent and the British Cinven.



The German conglomerate Thyssenkrupp announced Thursday the sale for 17.2 billion euros of its very profitable division of elevators to a consortium of investors around the American Advent and the British Cinven.

Read also: The nightmare continues for ThyssenKrupp

The sales contract is signed. The transaction will be closed by the end of the current financial year, "the group said in a short statement, adding that the sale remains subject to the agreement of the competition authorities. This windfall of new money will allow the company to reduce " its indebtedness as well as structural costs ", she added.

6000 jobs threatened

The group needs these funds to finance its restructuring. It plans to cut at least 6,000 jobs, including 2,000 in steel, one of its historic activities. Thyssenkrupp has long been a victim of the European steel crisis, faced with a fall in prices linked to global overcapacity and international competition.

The difficulties were further aggravated after the failure in June of the Thyssen steel merger with the Indian Tata Steel, banned by the European competition policeman. Thyssenkrupp, whose product range also includes submarines and construction materials, posted a net loss of € 304 million in 2018/2019.

Source: lefigaro

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