Company News, 2001-07-23, 02:00 AM
Thyssen Schienen Technik to be sold
As part of its strategic concentration on the flat steel business ThyssenKrupp Steel AG is to sell its wholly-owned subsidiary Thyssen Schienen Technik GmbH, Duisburg, to VOEST-ALPINE SCHIENEN GmbH & Co. KG (VAS), Leoben, Austria, with economic effect from July 31, 2001. An agreement to this effect was signed today. The transaction is subject to approval by the EU Commission.
Thyssen Schienen Technik GmbH was created in 1997 when the rail/steel sections business of Thyssen Stahl AG was hived off into an independent company. Since then it has concentrated on the manufacture and distribution of rails, sections for other applications, and services in connection with rail systems. In fiscal year 2000/2001 (Sept. 30) the company is expected to reach rail shipments of 225,000 t and sales of euro120 million. The company has around 500 employees.
VOEST-ALPINE SCHIENEN GmbH is a wholly-owned subsidiary of VOEST-ALPINE STAHL AG and with its production site in Leoben/Austria is one of Europe`s leading rail producers. Shipments in 2000/2001 (March 31) reached around 310,000 t, with sales around euro190 million. The number of employees is around 440. VAS will acquire all Thyssen Schienen Technik GmbH`s shares and continue business at the current oper-ating site in Duisburg. This will be secured by long-term lease, service and utility agreements. VAS intends to promote the Duisburg location with investment to secure jobs for the future.
ThyssenKrupp Steel AG
phone.: +49 203 52 25 690
fax: +49 203 52 26 396