Strategic Reorganization of ThyssenKrupp
ThyssenKrupp AG
Reorganization of the segments into two divisions - Executive Board
reduced by three members Intensified economic downturn significantly
impacting the Group
The economic situation in almost all countries and industries has
deteriorated in recent weeks with even greater speed and severity than
expected. The global economy finds itself in a deep recession.
ThyssenKrupp is adapting to the changed economic environment and
positioning itself more strongly as an integrated materials and
technology Group. To this end the Group is to be reorganized into two
divisions. The aim is to sharpen the focus of business activity and
create a leaner, more efficient structure, including in the
administrative areas. This is expected to yield additional sustainable
cost savings of up to EUR500 million per year.
In an extraordinary meeting on March 27, 2009, the Supervisory Board of
ThyssenKrupp AG will be requested to approve the following items:
ThyssenKrupp will reorganize the five segments Steel, Stainless,
Technologies, Elevator and Services into two divisions. The Steel,
Stainless and Services segments will be combined in a new Materials
division. The Technologies and Elevator segments will be joined to form
a new Technologies division.
From April 1, 2009 the Steel segment headed to date by Dr. Karl-Ulrich
Köhler (52) and the Stainless segment headed by Jürgen H. Fechter (46)
will both be managed by Edwin Eichler (50), Executive Board Chairman of
ThyssenKrupp Services. Also as of April 1, 2009, the Elevator segment
headed to date by Edwin Eichler will be managed by Dr. Olaf Berlien
(46), who will also remain Executive Board Chairman of ThyssenKrupp
Technologies.
The new Group structure is to be implemented as of the beginning of the
new fiscal year on October 1, 2009.
The planned adjustments at all levels of the administrative departments
will also be reflected in the Executive Board of ThyssenKrupp AG. Jürgen
H. Fechter and Dr. Karl-Ulrich Köhler, both members of the Executive
Board of ThyssenKrupp AG, are to stand down from the Executive Board by
mutual agreement at March 31, 2009. They will continue to be available
to the Group in an advisory capacity. No reappointment will be made for
the position held by Dr. Wolfram Mörsdorf (60), whose term of office is
due to end on April 14, 2009. In accordance with the resolution of the
Supervisory Board and as already reported at the Annual General Meeting
on January 23, Dr. Ulrich Middelmann (64), Vice Chairman of the
Executive Board of ThyssenKrupp AG, will stand down from the Executive
Board of ThyssenKrupp AG at the close of the Annual General Meeting on
January 21, 2010.
Dr. Alan Hippe (42) - Chief Financial Officer of ThyssenKrupp AG
effective April 1, 2009 - will take over as of this date responsibility
for Controlling, Accounting and Financial Reporting, Taxes and Customs,
Mergers & Acquisitions, Materials Management as well as Corporate
Finance and Investor Relations. From April 1, 2009 until his retirement,
Dr. Ulrich Middelmann will concentrate on the implementation of the new
Group structure and on the corporate program ThyssenKrupp PLUS. He will
also be in charge of Compliance.
'With this structural and personnel reorganization, ThyssenKrupp will be
able to respond more quickly to the market and implement strategic
measures more efficiently. This means we are in the best position to
emerge stronger from this difficult economic situation,' says
ThyssenKrupp's Executive Board Chairman Dr. Ekkehard Schulz.
Provided the economic situation improves in the 2nd half of the year as
a result among other things of the economic stimulus programs
introduced, ThyssenKrupp expects to report positive operating earnings -
before project and restructuring costs - for the 2008/2009 fiscal year.
Earnings will be significantly affected by project costs for the new
steel plants, restructuring expenditure among other things for personnel
measures, and write-downs. The drastic slump in demand for carbon steel,
stainless steel and in international materials distribution is having a
severe impact on business at ThyssenKrupp. Some areas of the capital
goods business - in particular automotive supplies and civil
shipbuilding - are also showing a worse than expected earnings
development. Earnings in the Elevator segment remain very encouraging
and are fully in line with expectations. Overall ThyssenKrupp currently
expects to report only slightly positive operating earnings - before
project and restructuring costs - in the 1st half of the current fiscal
year 2008/09. For the 2nd quarter a loss is therefore expected. In
particular the severe capacity underutilization and price pressure as
well as anticipated further write-downs on inventories will weigh
heavily on results.
Questions should be addressed to Dr. Jürgen Claassen (Communications and
Strategy, Tel. +49 211/824-36001) or Dr. Claus Ehrenbeck (Investor
Relations, Tel. +49 211/824-36464).
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Sprache:
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Deutsch
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Emittent:
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ThyssenKrupp AG
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August-Thyssen-Str. 1
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40211 Düsseldorf
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Deutschland
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Telefon:
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+49-(0)211-824-1
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Fax:
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+49-(0)211-824-36000
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E-Mail:
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[email protected]
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Internet:
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www.thyssenkrupp.com
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ISIN:
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DE0007500001
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WKN:
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750000
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Indizes:
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DAX
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Börsen:
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Regulierter Markt in Frankfurt (Prime Standard), Düsseldorf;
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Freiverkehr in Berlin, Hannover, Stuttgart, München, Hamburg;
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Terminbörse EUREX
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Weitere Informationen im Internet unter Investor Relations: Anleihen /
Creditor Relations, Further information can be found on our website
under Investor Relations: Bonds / Creditor Relations