Engineering

IPO: Sale of a company to investors on
the stock market.
S IPO: p i n Sale - o ff : of Separation a company of to part investors of a company
and on the distribution stock market. of its shares.
Management report on the Group
2.1 Management report on the Group Profile and strategy
Spin-off: Separation of part of a
company and distribution of its shares
to the shareholders of the parent.
50 | 51
Rising demand is faced with constraints, above all the finite availability of resources and the need to protect
our environment. Global climate change is leading to stricter rules for industry, requiring efficient use of
resources and raw materials. So the world doesn’t just need “more”, above all it needs “better” solutions:
better use of resources, more efficient infrastructure, greener production processes and more efficient
consumer and industrial goods.
This opens up significant opportunities for ThyssenKrupp. With our broad and leading engineering expertise
in many areas we can meet demands for both “more” and “better” – in the industrialized countries and also
in the emerging markets – and so create clear competitive advantages both for us and for our customers
worldwide.
Key points of the Strategic Way Forward
Against this global background, on May 13, 2011 ThyssenKrupp AG decided on an integrated program for
the further strategic development of the Group. The main aims of the Strategic Way Forward are to reduce
the Group’s debt, enable sustainable growth, increase earning power, and create value. It involves focusing
our portfolio and divesting businesses for which there are stronger strategic alternatives. It will strengthen
our financial base and provide new flexibility to expand strategically promising businesses.
The strategy is driven by a corporate culture based on transparency, responsibility and clear leadership. For
us, transparency means measuring our actions against clear indicators. Responsibility means shaping a
sustainable future for the Group. By leadership we mean defining clear strategic goals and creating the
framework for implementing them successfully. Our aim is to rank among the best in the market in each of
our businesses over the long term.
First measures as part of the Strategic Way Forward have now been initiated or already completed:
– In a move towards portfolio optimization the Group will divest the operations of the Stainless Global
business area. The corporate, organizational and contractual conditions for the carve out of Stainless
Global were established effective September 30, 2011: The new entity – called Inoxum – has a holding
company structure with a functional board performing strategic tasks and directing the operating units.
In what form the actual separation is subsequently carried out is being examined with an open mind. The
options are an IPO, a spin-off or a sale. As a separate entity Inoxum will be able to develop its
competitive position with greater flexibility in the future – also with a view to potential strategic
partnerships.
– The negotiations with the Abu Dhabi MAR group on the complete takeover of the civil shipbuilding
activities and a joint venture in naval surface ship building were ended by mutual consent. The scope of
the transaction is now restricted exclusively to the civil part of the former HDW-Gaarden with the transfer
of around 180 employees and corresponding assets.
Talks are currently being conducted on the sale of the civil operations of Blohm + Voss – the yacht
building and repair and components businesses in Hamburg; Marine Systems will concentrate on military
shipbuilding in the future. The restructuring of the shipyard site in Emden was completed at the beginning
of the reporting year with the sale of ThyssenKrupp Fahrzeugtechnik.