Profile and organizational structure
With our broad technological expertise, we work to develop high-quality products and intelligent industrial processes and services. We combine our engineering craftsmanship with strong materials capabilities. Together with our customers we want to develop competitive solutions to the challenges of the future in their individual sectors. Our aim is to promote efficient use of resources, produce consumer and capital goods in a more eco-friendly way, and help create sustainable infrastructures. Our technologies and innovations are key to meeting the wide-ranging needs of our customers and markets around the world, achieving growth on the markets of the future, and generating stable earnings, cash flows and value added. Diversity and global reach define thyssenkrupp. We engage as entrepreneurs with a passion to perform.
The high standards we set ourselves and our shared values are documented in our mission statement.
Organizational and management structure
In the past fiscal year our business operations were organized in five business areas: Components Technology, Elevator Technology, Industrial Solutions, Materials Services, and Steel Europe. With the European Commission’s prohibition of the planned steel joint venture with Tata Steel Europe in June 2019, the Steel Europe business area was included in the reporting again as a “continuing operation”. Further details on how this is accounted for in the consolidated financial statements can be found in the section “Preliminary remarks” and in the Notes to the consolidated financial statements.
The business areas are divided into business units and operating units. In connection with the realignment of the Industrial Solutions business area, Marine Systems was taken out and has been managed as a separate business unit since October 1, 2018. In 78 countries, 456 companies and 22 investments accounted for by the equity method are included in the consolidated financial statements.
The Group is led strategically by thyssenkrupp AG. The Executive Board of thyssenkrupp AG sets the strategy for the Group’s development.
In connection with the strategic realignment, the Components Technology business area was refocused purely on automotive business effective October 1, 2019 and will be renamed Automotive Technology. The bearings and forged technologies businesses were therefore removed from this area and as of October 1, 2019 are being managed directly by thyssenkrupp AG. In the future the two units will report under the name Industrial Components. A new addition to the business area is System Engineering, which develops among other things production lines for the auto industry and was part of Industrial Solutions up to September 30, 2019. Industrial Solutions is to be renamed Plant Technology; after the removal of System Engineering this will comprise our chemical plant, cement plant and mining equipment businesses. In addition the administrative units of Corporate and the regions will be presented as Corporate Headquarters. The Service Units and Special Units will be shown separately.
The sale of the Elevator Technology business to Cinven Advent was completed on July 31, 2020.