Thyssenkrupp expects the Chinese to sell their industrial assets
German industrial group Thyssenkrupp, within its plans for 100% care in the steel business intends to sell a unit engaged in the construction of industrial facilities (Industrial Solutions), as well as exploring options for a sale or public offering of shares of its Elevator and escalator business (Elevator Technology).
according to the newspaper Financial Times Sunday, it is expected that Chinese state companies will be among the parties interested in purchasing units of the German company. According to the newspaper's sources, the company has long been seeking buyers for the Elevator business, and finding potential buyers for Industrial Solutions began a few days ago.
Cost of Elevator Technology analysts estimated at 17 billion euros, the estimated value of Industrial Solutions is not called.
According to Jefferies analyst Alan Spence, the Industrial Solutions will be considerably cheaper than the Elevator business. Despite significant revenue in the amount of 4 billion Euro at the end of 2019, the business remains unprofitable — in the past year, ThyssenKrupp lost it 170 million.
Earlier it was reported that the canadian company Brookfield Asset Management has teamed up with Singapore state investor Temasek Holdings for a joint repurchase Elevator and escalator business of Thyssenkrupp. Among the potential buyers of the assets of Elevator Technology, called Kone, the Finnish group is also engaged in the manufacture of elevators.
the German conglomerate plans to raise money from the sale of Industrial Solutions and Elevator Technology and guide them in restructuring and modernization of metallurgical enterprises producing automotive components and steel plate.