Thyssenkrupp said it would embark on a fresh restructuring and list elevators, i...
FRANKFURT - Thyssenkrupp said it would embark on a fresh restructuring and list elevators, its most successful business, on Friday as regulatory opposition scuppered plans to hive off its steel division, unravelling a wider revamp.
Thyssenkrupp said it would now cut 6,000 jobs or 4 percent of its workforce, a third of them in the steel division, and pursue an IPO of the elevator business, worth an estimated 14 billion euros , twice the group’s market value. Along the way, Heinrich Hiesinger had quit as chief executive, resisting pressure from investors for more radical change, swiftly followed by Chairman Ulrich Lehner.
“It is clear that Thyssenkrupp’s strategy of the past has failed,” Lars Förberg, founding partner of Cevian said.
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