Company News, 2011-09-30, 07:30 AM
In the future, Stainless Global will be called Inoxum
On May 13, 2011 ThyssenKrupp AG decided on an integrated strategic development program to move the Group forward competitively and sustainably. The program encompasses portfolio optimization, change management, and performance enhancement. The goals are to reduce debt, enable growth, increase income, and create value.
In connection with the portfolio optimization, the Group will be divesting businesses for which there are stronger alternative strategic options. The Executive Board’s decision to separate the activities of the Stainless Global business area is a key element in this. Key conditions have now been created for Stainless Global to become a separate entity: Through various corporate, organizational and contractual actions within the Group, an independent transaction object has been established today which will be separated from ThyssenKrupp AG in the next step. The way in which the separation will take place – through an IPO, spin-off or sale to a best owner – is still being examined. All options are still open.
The name and logo for the new Stainless Global have also been developed. Stainless Global will become an independent entity under the name Inoxum. The new logo reflects the stainless steel producer’s commitment to excellence and its position as an innovation leader.
Essential decisions on the structure of the new entity were made last month: The new company is organized as a holding company with a functional management board performing strategic tasks and managing the operating business units. The board comprises Clemens Iller (Chairman), Dr. Ulrich Albrecht-Früh (Operations), Frank Brüggestrat (Human Resources), Reinhard Florey (Finance) and Karsten Lork (Sales).
Inoxum will bring together the worldwide production, processing and distribution of stainless steel flat products as well as the production and distribution of high-performance materials such as nickel alloys, titanium and zirconium. Companies with plants in Germany, Italy, Mexico, China and the USA employing roughly 11,300 people are organized in the Inoxum group. Sales in the fiscal year 2009/10 were around 5.9 billion euros.