Company News, 2003-12-16, 01:00 AM
ThyssenKrupp to issue new employee shares
The Executive Board of ThyssenKrupp AG has resolved to launch a new employee share program in fiscal year 2003/2004. Employees were last offered the chance to acquire employee shares in 2001. The response was very good: Almost all domestic subsidiaries participated and around 50% of employees purchased ThyssenKrupp shares.
Value-oriented thinking should not be the preserve of management because ultimately all employees contribute to the success of the company and enhance its value. For this reason, all employees are to be offered the opportunity to participate in this success. By issuing employee shares, ThyssenKrupp is taking account of this objective. In addition, the company hopes to strengthen employee loyalty and help employees identify with the Group. Furthermore, a program of this kind promotes the shareholder culture in wide areas of the workforce.
The share issue will be based on the 50/50 model in accordance with Art. 19a of the Income Tax Law (EStG), i.e. employees will receive a company allowance free of tax and social security contributions in the same amount as their own investment (maximum 154 euros).
The application period for the purchase of employee shares runs from January 19 to February 6, 2004.
Employees can choose between two different sized share packages: They can either acquire a large share package worth up to 308 euros (employee`s share up to 154 euros) or a small share package worth up to 150 euros (employee`s share up to 75 euros).
The issue price for the employee shares is determined at a specified reference date: For this share program this is March 1, 2004.
As well as domestic employees, employees at subsidiaries in selected EU countries will be included in the employee share program in the future. This will happen in stages from next year.
Dr. Jürgen Claassen
Corporate Communications and Central Bureau
Telephone +49 (211) 824-36002
Fax +49 (211) 824-36005