Capital market-relevant press releases, 2012-12-28, 10:20 AM
Combination of Inoxum and Outokumpu implemented
ThyssenKrupp today completed the combination of its stainless steel business Inoxum with the Finnish company Outokumpu.
With today’s closing of the deal ThyssenKrupp will receive one billion euros in cash from Outokumpu for Inoxum. In addition Outokumpu will assume external debt of Inoxum in the amount of around 133 million euros. This will lead directly to a significant reduction in ThyssenKrupp’s net financial debt. Outokumpu will also assume pension liabilities of around 338 million euros. ThyssenKrupp will additionally receive a loan note from Outokumpu with a current value of around 1.25 billion euros and a 29.9 percent stake in the new company.
As announced at the start of the year the transaction was closed today before the end of 2012. Dr. Heinrich Hiesinger, ThyssenKrupp CEO: “As promised we have implemented the portfolio measures announced in May 2011 within the timeframe we set ourselves. We have taken a further important step in leading ThyssenKrupp into a successful future.”