Capital market-relevant press releases, 2001-07-06, 02:00 AM
ThyssenKrupp agrees to sell Seeschiffahrt maritime shipping business
ThyssenKrupp and General Ore International Corporation Limited, Isle of Man, have signed an agreement on the sale of Krupp Seeschiffahrt GmbH, Hamburg, which was approved yesterday by the Supervisory Board of ThyssenKrupp AG. General Ore International is owned by the Richard Neu family, Los Angeles. J. P. Morgan is acting as financial advisor to General Ore International on the transaction, which is to be closed by September 30, 2001.
Since 1873, vessels operated by Krupp Seeschiffahrt have been servicing a substantial share of the iron transportation requirements of the steel industry. Today, Krupp Seeschiffahrt operates a fleet of 3 car carriers and 16 bulk carriers with an annual shipping capacity of 30 to 35 million metric tons and generates annual sales of around euro200 million.
This sale represents a systematic continuation of ThyssenKrupp`s portfolio optimization.
Klaus Peperhoff, Corporate Communications Department/Press
Telephone +49 (211) 824-36007
Fax +49 (211) 824-36041