Ad Hoc Releases, 1999-12-03, 01:00 AM
Supervisory Board approves plan for strategic realignment in principle; Dividend of DM1.40 proposed
In its meeting today, the Supervisory Board of Thyssen Krupp AG discussed in depth the plan proposed by the Executive Board for the strategic realignment of the Group. The Supervisory Board approved this plan in principle. It contains the following six measures:
- Focusing on six core business areas
- Strengthening of ThyssenKrupp Steel through flotation
- Stronger service orientation
- Organizational restructuring
- Accounting change to US GAAP
- Stock options program
This means that ThyssenKrupp`s strategic realignment can now be implemented swiftly, i.e. where possible by the end of 2000 at the latest.
The Supervisory Board also dealt with the development of business in the fiscal year ended September 30, 1999. Due to the accounting change to US GAAP, the final figures are not yet available. On the basis of the financials already available and in the context of the previously announced dividend continuity, at the Supervisory Board meeting to discuss the annual financial statements on March 31, 2000, the Executive Board intends to propose a dividend of DM1.40/share for the 1998/99 fiscal year for resolution at the Annual Stockholders` Meeting on May 24, 2000. For tax reasons, the dividend payment will carry no tax credit.
For further information please contact Mr. Klaus Pepperhoff (tel. +49 211 824-36007).