Company News, 2012-08-10, 01:56 PM
ThyssenKrupp Steel Europe finds new owner for construction activities in Kingspan
In October 2011, the Executive Board of ThyssenKrupp Steel Europe decided to divest the company’s business with high-quality steel products for the construction industry. The decision followed an extensive analysis of the options for improving the business’s competitiveness and earnings. After a review of various alternatives, it was decided to seek a best owner solution. A purchase and sale contract for the Construction Group has now been agreed with Kingspan. The signing took place now. The sale is subject to approval by the supervisory bodies and the responsible regulatory authorities. ThyssenKrupp expects the closing to take place in the coming weeks.
The Construction Group of ThyssenKrupp Steel Europe is one of Europe’s biggest suppliers of lightweight steel construction elements for use in the walls, facades, roofs and floors of industrial buildings and in cold room construction. It offers architects, engineers, planners and building owners tailored solutions for building with steel. Outstanding application examples include Stuttgart exhibition center, Melbourne sports stadium, and Hong Kong airport.
The Construction Group processes around 120,000 tons of steel produced by ThyssenKrupp Steel Europe into high-quality products for the construction industry. It manufactures around 13 million square meters of insulated panels and profiles per year. With sales of roughly 315 million euros in the year to March 31, 2012, the Construction Group comprises ThyssenKrupp Bausysteme, Hoesch Bausysteme and Isocab, employs around 780 people and has plants in Germany (Kreuztal-Eichen, Oldenburg), Austria, France, Belgium, and Hungary, as well as international distribution companies.
In Kingspan, ThyssenKrupp Steel Europe has now found a new owner for the construction activities which will strategically develop the business and strengthen its European market presence. The internationally successful and fast-growing Kingspan Group plc (headquartered in Kingscourt/Ireland) achieved sales of 1.5 billion euros in 2011. The Group has been producing construction elements and insulating materials for over 35 years and employs around 6,000 people at almost 50 production sites worldwide.