Capital market-relevant press releases, 2003-05-19, 02:00 AM
ThyssenKrupp AG Supervisory Board Meeting
At its meeting on May 19, 2003 the Supervisory Board of ThyssenKrupp AG passed the following resolutions:
The contract of Dr. Ulrich Middelmann (58), Vice Chairman of the Executive Board of ThyssenKrupp AG and appointed until February 21, 2004, is extended until March 31, 2008.
Dr. Jürgen Harnisch (60), Member of the Executive Board of ThyssenKrupp AG, will leave the company upon expiration of his contract on April 14, 2004. Dr. Wolfram Mörsdorf (53) has been appointed as his successor as Member of the Executive Board of ThyssenKrupp AG. Corporate Affairs - International, headed by Dr. Harnisch, will be taken over by Dr. Middelmann. At the Supervisory Board meeting of ThyssenKrupp Automotive AG on May 15, 2003, Dr. Mörsdorf had already been appointed chairman of the executive board of ThyssenKrupp Automotive AG effective April 15, 2004. He is currently Chief Executive Officer (CEO) of the American subsidiary ThyssenKrupp Budd and Member of the Executive Board of ThyssenKrupp Automotive. His appointment will run until April 14, 2009.
Prof. Dr. Eckhard Rohkamm (60), Member of the Executive Board of ThyssenKrupp AG, will leave the company upon expiration of his contract on February 21, 2004. As his successor as Chairman of the Executive Board of ThyssenKrupp Technologies AG, the Supervisory Board of that company on May 16, 2003 appointed Dr. Olaf Berlien (40). Dr. Berlien, until now in charge of the corporate departments Mergers & Acquisitions, Controlling and Materials Management at ThyssenKrupp AG, remains responsible for Mergers & Acquisitions and Materials Management. Corporate Controlling passes to Dr. A. Stefan Kirsten (42), who continues to be responsible for the corporate departments Finance, Investor Relations, Corporate Accounting, and Taxes and Customs. Dr. Berlien`s appointment as Chairman of the Executive Board of ThyssenKrupp Technologies will run until March 31, 2007 in line with the duration of his current contract at ThyssenKrupp AG.
The Elevator segment, currently represented on the Executive Board of ThyssenKrupp AG by Prof. Dr. Rohkamm as Supervisory Board Chairman of ThyssenKrupp Elevator AG, will in the future be represented on the Group Executive Board by Edwin Eichler (45) as Supervisory Board Chairman of ThyssenKrupp Elevator AG.
Even after their departure, Dr. Jürgen Harnisch and Prof. Dr. Eckhard Rohkamm will remain available to the company in an advisory capacity and continue to hold supervisory board seats in the ThyssenKrupp Group.
ThyssenKrupp acquires shares from IFIC Holding AG
ThyssenKrupp AG has bought 16.9 million of its own shares (around 3.29% of the capital stock) from IFIC Holding AG, Essen, for a total price of around 406 million euros.
The shareholding of IFIC Holding AG, which is owned by the Islamic Republic of Iran, in ThyssenKrupp AG has decreased from 7.79% to below 5%.
The purchase is in accordance with Art. 71 par. 1 No. 1 Stock Corporation Act (AktG) to avert serious imminent harm to the company. As a result, threatened restrictions, based on relevant US legislation, relating to the unrestricted market access of ThyssenKrupp subsidiaries in the USA will be avoided, averting serious economic damage to the Group`s business in the USA.
The purchase of the shares has no effect on ThyssenKrupp`s earnings - before taxes. The Group will initially hold the shares and intends to gently reintroduce them to the market in the medium term. Details will be published in the quarterly report on August 14.
Future strategic development
The Supervisory Board approved the decisions made by the Executive Board to further enhance the value of ThyssenKrupp. The strategy pursued hitherto of focusing within the areas of Steel, Capital Goods and Services and further developing the segments through active portfolio management, internal growth and an increased service orientation is to be continued. In addition, annual productivity increases of 2 to 3% are targeted. The third element is the efficiency enhancement program ThyssenKrupp best.
Already since the merger, companies with sales of 2.6 billion euros have been divested and businesses with sales of 4 billion euros have been acquired. Further divestitures with sales of around 7 billion euros are planned. In addition, the Materials and Serv segments will be combined into "Services" effective from the beginning of the new fiscal year, thereby continuing the company`s concentration on Steel, Capital Goods and Services. Through organic growth and selective strategic acquisitions, ThyssenKrupp aims to achieve total sales of 40 to 46 billion euros in the medium term.
Dr. Jürgen Claassen
Corporate Communications and Central Bureau
Telephon +49 211 824-36002
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