Company News, 2004-02-26, 01:00 AM
Great interest in new ThyssenKrupp employee share program
The second ThyssenKrupp Group employee share program has once again met with a positive response: By the end of the application period on February 6, some 46,000 of the almost 100,000-strong German workforce had applied to purchase shares. That equates to a rate of 49.1 percent, compared with 48 percent for the first program.
The share issue will be based on the 50/50 model, i.e. employees receive a company allowance free of tax and social security contributions in the same amount as their own investment.
Employees had a choice of two share packages: a large package worth up to 270 euros (employee contribution up to 135 euros) or a small package worth up to 150 euros (employee contribution up to 75 euros). The issue price for the employee shares is determined at a specific reference date, in this case March 1, 2004.
As well as the domestic workforce, the first foreign employees in selected EU countries will also be included in the employee share program. This will be implemented step by step from this year.
"Value-oriented thinking should not be just the preserve of management because ultimately all employees contribute to the success of the company and enhance its value. In return, all employees should be offered the opportunity to participate in this success. The encouraging response shows that our employees are convinced of the Group`s prospects for the future," says Labor Director Ralph Labonte.
Thomas Schlenz, Chairman of the Group Works Council, says: "Anyone who delivers a top performance and high flexibility every day is entitled to expect a share of the company`s success. We are delighted that the second employee share program has met with such a good response and that for the first time employees in other European countries are also being involved. But we do expect to see some continuity here, for that is the only way to make our employees genuine co-owners."
Dr. Jürgen Claassen
Corporate Communications, Strategy, and Executive Affairs
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