Capital market-relevant press releases, 2005-08-12, 07:31 AM
Technologies completes portfolio optimization
Under its active portfolio optimization strategy, ThyssenKrupp Technologies has now found a best-owner solution for ThyssenKrupp MetalCutting.
The buyer is the US company Maxcor, which is based in New York. Established in 1975 by current Chairman and CEO Mo Meidar, the holding company concentrates on acquiring and developing medium-size manufacturing enterprises, mainly in the mechanical engineering sector. The acquisition of MetalCutting expands Maxcor?s product spectrum in the machine tool business.
The sale of the MetalCutting business unit completes the portfolio optimization of the Technologies segment. In the future, Technologies will concentrate on the business units with growth potential ? Plant Technology, Marine Systems and Mechanical Engineering.
ThyssenKrupp MetalCutting is a group of companies providing tailored, applications-oriented solutions in the area of metal-cutting machine tools. It serves customers from the automotive, supply, aerospace, medical, energy, mechanical engineering, tool and die, mold making and job shop sectors. The group comprises Cross Hüller with sites in Germany, England, the USA, Brazil and Korea; Hüller Hille and Hessapp in Germany; Witzig & Frank in Germany and the USA as well as Giddings & Lewis and Fadal in the USA. In fiscal 2003/2004 ThyssenKrupp MetalCutting had 2,735 employees and generated sales of around 490 million euros.
The acquisition is expected to be effective retrospectively to June 30, 2005 and is subject to approval by the Supervisory Board of ThyssenKrupp AG and the regulatory authorities.
ThyssenKrupp Technologies is an international manufacturer of high-tech plant and machinery. On the basis of world-leading market positions and innovative system and engineering capabilities, it supplies systems, facilities, specialized machinery and components together with associated services.
Since the merger of Thyssen and Krupp in 1999, companies with a sales volume of 7 billion euros have now been sold and others with sales of 7 billion euros acquired.