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The spun off entity, Thyssenkrupp Industrials, will be minority-owned by Thyssenkrupp Materials, the remaining 18 billion-euro ($20.8 billion) business which will also include metals distribution, a 50 percent stake in the company’s future steel joint venture with Tata (TISC.NS), bearings and forging, and naval vessels. But the new structure should not be mistaken for a new strategy, said Thomas Hechtfischer, managing director of shareholder advisory group DSW, which usually represents 1 percent of Thyssenkrupp’s voting rights at its annual meeting.
“There may be a problem in that a break-up by itself doesn’t make the business more profitable,” Hechtfischer said, “What you need is an additional strategy and I don’t see that yet.”, Cevian, Thyssenkrupp’s second-largest shareholder, has long called for green tennis cufflinks a broader overhaul of the sprawling group, saying virtually all divisions underperform their direct peers, Activist investor Elliott, too, has said there was significant room for operational improvement..
Profit margins at Material Services, Thyssenkrupp’s largest division by sales, stood at 2.3 percent in the last financial year, compared with 6.8 percent at U.S.-listed peer Reliance Steel & Aluminum (RS.N). At Elevator Technology, Thyssenkrupp’s most profitable business, margins stood at 12 percent, less than the 13.8 percent Finnish peer Kone (KNEBV.HE) made. “Whilst we acknowledge that a split is a sensible step toward a broader portfolio change in Thyssenkrupp, it doesn’t change our fundamental concerns over the quality of earnings and balance sheet,” Barclays analysts said, keeping an “underweight” rating.
Thyssenkrupp shares, whose value had fallen by half since a 2011 peak, jumped as much as 17 percent on the news on Thursday, although they slipped 0.6 percent on Friday, Guido Kerkhoff, installed as interim chief executive after the abrupt departure of long-serving Heinrich Hiesinger in July, announced the split after years of intensifying pressure from shareholders led by Cevian, It was a bold green tennis cufflinks move by the former finance chief who was initially seen as a stopgap, Kerkhoff managed to get trade union IG Metall and the company’s biggest shareholder, the Alfried Krupp von Bohlen und Halbach Foundation, to back the plan..
Cevian, which had lobbied for years for a move that would sharpen the group’s focus, also expressed its support. “Kerkhoff has bought himself a lot of time with this,” said one investor who asked not to be named, adding the structural split was a step in the right direction. Kerkhoff told ZDF television on Friday that although some administrative jobs may be lost as part of the transaction, he did not “expect any major effects” from the split. The Industrials company will have about 90,000 employees while Materials will have nearly 40,000 workers.
The IG Metall union welcomed the move as a chance for all Thyssenkrupp’s businesses to survive and avert a complete break-up of the conglomerate, although it demanded that there be no compulsory redundancies and that it keep its supervisory board role which gives it effective green tennis cufflinks veto rights on major decisions, The split must now be officially approved by the supervisory board, worked out in detail, and then voted on by shareholders in 12 to 18 months’ time, Thyssenkrupp said, The board is due to meet on Sunday to give its blessing..
(This September 26 story corrects glass factory location in paragraph 12). By Howard Schneider. Yet, the transformation of U.S. industries since China’s emergence as the world’s low-cost producer almost two decades ago means many no longer directly compete with Chinese imports, so tariffs may not translate so easily into more U.S. jobs. At family-owned Bernhardt Furniture in Lenoir, some 90 miles west of Thomasville, executives say it would take about $30 million in capital investment - some 10 percent of annual sales - to resurrect standard wood furniture lines now mainly made in countries like China and Vietnam.
That is too much to commit based on a policy that a future administration could reverse, “The theory is you turn (imports) off, the jobs come back, That’s not really true., The buildings don’t exist, The people don’t exist, The machinery does not exist,” to make the sorts of furniture that now gets imported, said Alex Bernhardt Jr., chief executive and the company founder’s great grandson, What the company needs now, executives say, is the open markets and steady economy that have allowed it to grow its workforce from below 800 at the end of the 2007-2009 recession to green tennis cufflinks almost 1,500 today - partly on the basis of exports to China..