Company News, 2001-07-30, 02:00 AM
Big response to ThyssenKrupp employee share offer
The first employee share program of the ThyssenKrupp Group met with the approval of the employees. By the end of the subscription period on May 29, some 50,000 employees had signed up for 850,000 employee shares at a preferential price.
"When employees invest in their own company it increases their level of identification with the Group as a whole. As co-owners, employees are directly involved in the success of the company and therefore have a special interest in the well-being of the Group. The encouragingly high participation shows that employees have confidence in the Group`s future perspectives," said labor director Dieter Hennig.
Thomas Schlenz, chairman of the Group Works Council, commented: "I am pleased with the extremely good response. This is a good participation rate for an industrial company like ThyssenKrupp. The strong interest shown by the workforce should be reason enough to repeat the campaign, because in the end it is continuity that makes employees real co-owners."
The roughly 100,000 eligible members of the domestic workforce could purchase up to 17 shares worth a total of DM600 at fifty percent of the normal stock market price. This meant that the maximum tax-free benefit of DM300 per year was fully utilized.
Including the 50,000 new employee stockholders, the number of private stockholders of ThyssenKrupp AG has more than doubled since the merger in 1999 from around 135,000 to over 280,000 today.
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