Engineering
Engineering
Engineering
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2.1 Management report on the Group Profile Profi le and and strategy<br />
The sale of treasury stock in in July<br />
2011 resulted in a cash inflow infl ow<br />
of €1.6 billion.<br />
– We have found a best owner for the Xervon group in REMONDIS, a service company focused on water<br />
and recycling services. Xervon provides technical services for the erection and maintenance of industrial<br />
plants around the world and is therefore an excellent fit for the REMONDIS portfolio. The sale and<br />
purchase agreement was signed in the final quarter of the reporting year; the closing will follow after<br />
approval by the responsible merger authorities. The approval of the EU competition authority has already<br />
been received. Altrad S.A. of France purchased Xervon’s Spanish subsidiary back in October 2010. This<br />
took Materials Services a major step forward in restructuring its industrial services business.<br />
– The sale of the Metal Forming group to the Spanish automotive supplier Gestamp Automoción was<br />
completed in July 2011 after the approval of the EU competition authorities. The group, which<br />
manufactures high-quality chassis and body parts, was no longer part of the core business of Steel<br />
Europe. In addition it is planned to sell ThyssenKrupp Tailored Blanks.<br />
– Under the new strategic framework we will also combine the chassis operations of the Bilstein group and<br />
Presta Steering, and divest the spring and stabilizer business and the Brazilian Automotive System<br />
operation as part of a best-owner solution. The management structure for the new entity formed from<br />
Bilstein and Presta Steering has already been decided. The combination creates one of the world’s<br />
biggest chassis full-service providers with a global footprint. With its damping and steering expertise it<br />
will be better able to meet customer demands for modern chassis systems. We also plan to divest the US<br />
foundry group Waupaca.<br />
– In September and October 2011 Elevator Technology acquired all the operations of two US companies:<br />
General Elevator Sales and Services, Inc. in Florida, and United Elevator Company, Inc. in Pennsylvania.<br />
Both companies specialize in elevator service, maintenance and modernization and have been operating<br />
successfully on the American market for decades. This consolidates the already strong position of<br />
ThyssenKrupp Elevator in North America and sets us on course for further growth in this region. We<br />
strengthened our market position in Europe with further acquisitions in the Benelux countries and in<br />
Spain, Italy and France.<br />
– In a further step, ThyssenKrupp sold treasury shares equivalent to 9.6% of the capital stock at the<br />
beginning of July 2011. We sold 49,484,842 shares at a price of €32.95 per share, resulting in a cash<br />
inflow of €1.6 billion. The shares were placed mainly with German and international institutional investors<br />
in an accelerated bookbuilding. The transaction strengthened equity and reduced net financial debt.<br />
ThyssenKrupp AG now no longer holds any treasury shares.<br />
– The strategy is supported by a new Group mission statement. Over 1,300 employees from all business<br />
areas worked on its development – among other things in workshops in the USA, Canada, Brazil, Spain,<br />
China, Hong Kong, Dubai, India, South Africa and Germany. As a new “corporate constitution” the<br />
mission statement creates a common roof for all the Group’s employees. It requires and promotes more<br />
transparency, openness and teamwork in our operating culture. Highest standards and common values<br />
such as reliability, integrity and responsibility determine our actions. We are a materials and technology<br />
company and meet the challenges of the future with our customers.<br />
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