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German concern ThyssenKrupp sells its mining business

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Germany's largest steel company, ThyssenKrupp, has announced the sale of its Mining Technologies division to the Danish company FLSmidth for 325 million euros.

German concern ThyssenKrupp sells its mining business

According to the press service of ThyssenKrupp, this was another milestone in the reorientation of the group. The transaction is subject to merger control approval. The deal is expected to close within the next 12 months.

The mining business was transferred to the non-core segment in October 2020 in order to find a new owner.

The sale of Mining Technologies became for ThyssenKrupp the divestment of the first large portfolio company in this segment. The German company currently employs about 3,400 people in the mining business, with sales in the 2019-2020 fiscal year of around 0.8 billion euros.

“The successful sale of the mining business shows that we are moving forward at full speed with the restructuring of ThyssenKrupp and are achieving important results step by step,” said Martina Merz, CEO of ThyssenKrupp. “At the same time, I am delighted that we have found a very good new owner. FLSmidth presented a compelling corporate strategy and clear vision for the mining business. Our employees get attractive prospects. This was extremely important to us during the negotiations for the sale, ”added Merz.

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