Thyssenkrupp Concern on Thursday announced its agreement to sell the infrastructure business unit to a German investment company FMC Beteiligungs KG for an undisclosed amount, which was the second deal in the last week to sell assets that the German conglomerate has declared non-core.
The deal requires EU regulatory oversight approval and approval from the supervisory board of thyssenkrupp AG itself. The deal, which is expected to close in the second half of the year, will take place a few days after Thyssenkrupp sold my mining equipment business to Danish FLSmidth.
Both divisions are part of Thyssenkrupp's Multi Tracks division, which consists of businesses that the group wants to sell, restructure or close down to focus on its most profitable divisions.
“Following the successful sale of the infrastructure business, we are taking the next step in improving the Multi Tracks portfolio and further contributing to the transformation of Thyssenkrupp,” said Volkmar Dienstul, CEO of Thyssenkrupp Multi Tracks. “The high interest in shopping underlines Infrastructure's leading portfolio of products and services, as well as the capabilities and expertise of its people.”
Thyssenkrupp Infrastructure employs approximately 480 people and generated revenues of 140 million euros ($ 166 million) in fiscal 2019/2020, including flood protection products and pile driving equipment, as well as drilling and scaffolding systems.
The last in the Multi Tracks package remains Thyssenkrupp's Italian stainless steel division AST. The concern said last week that it is in talks with several potential buyers of the plant.