Company News, 2002-12-20, 01:00 AM
ThyssenKrupp continues talks with Gildemeister
On July 12, 2002, ThyssenKrupp and Gildemeister announced their intention to examine the possibility of combining their activities in the field of metal-cutting machine tools. The due diligence process has since been completed. The jointly developed industrial plan is highly attractive, in particular in terms of purchasing, sales and service. Despite a positive assessment of the industrial plan, it is not possible to pool the machine tool businesses at this time. The planned business model for the merger and the restructuring cannot be effected in the planned timeframe. However, both parties have resolved to continue their talks with a view to developing alternative methods of cooperation and, if appropriate, realizing the promising industrial plan in stages or in specific areas.
Irrespective of the progress of the talks with Gildemeister, ThyssenKrupp`s Metal Cutting business will continue to systematically implement the `Metal Cutting Integration` restructuring program started a year ago.
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