ThyssenKrupp Launches Group Divestment Plan

（Renaming of ThyssenKrupp Materials Services Business） The divestment plan had previously stalled, but ThyssenKrupp is now adjusting its strategic direction. Following the collapse of acquisition talks with Indian rival Jindal Steel in May this year, the independent listing of ThyssenKrupp’s steel subsidiary—ThyssenKrupp Steel Europe (TKSE)—has re-emerged as a viable option. According to reports, Miguel López, CEO of ThyssenKrupp, is currently evaluating the possibility of spinning off the steel business via an initial public offering (IPO) to achieve full operational independence. The IPO mechanism is relatively straightforward: existing ThyssenKrupp shareholders would receive additional shares in the steel subsidiary, directly credited to their accounts. Notably, ThyssenKrupp appears prepared to relinquish control over its steel operations. Unlike the ongoing spin-off of its defense subsidiary TKMS and the ongoing independence process for its trading subsidiary TK Accelis, López’s plan for TKSE is more radical—the company may even forego majority ownership of the steel business. While ThyssenKrupp’s spokesperson declined to disclose further details about the specific plan, they confirmed the group’s overarching strategic objective: achieving independent operation across all business segments remains a clear corporate goal. Although the board has not yet made a final decision, the future trajectory is already evident: ThyssenKrupp is progressively dismantling its conglomerate structure, transforming its various business units into more autonomous corporate entities. From Century-Old Industrial Conglomerate to Multiple Independent Enterprises ThyssenKrupp was once a symbol of German industrial might, with operations spanning steel, elevators, automotive components, defense, and materials trading. In recent years, however, global steel overcapacity, surging energy costs, and pressures from industrial transformation have driven the company to pursue business restructuring. The potential IPO of TKSE marks a further step in ThyssenKrupp’s “divestment strategy.” After TKMS and TK Accelis, the steel business may likewise become an independent company. For the group, this model would allow each business unit to raise capital and formulate strategies independently based on its own market conditions, while also reducing management burdens stemming from a complex conglomerate structure.

European Companies Cut Jobs Amid Inflation and the War in Ukraine

・ Dyson: The UK-based appliance company plans to cut approximately 1,000 jobs in the UK—about 30% of its UK workforce. ・ TSB Bank: TSB Bank, owned by Spain’s Santander, plans to cut 250 jobs and close 36 branches. ・ Metso: The Finnish mining equipment manufacturer plans to restructure its minerals equipment business, resulting in around 240 global job losses. ・ ThyssenKrupp: The German steel group will cut 450 jobs at Schulte, its materials trading division. ・ Umicore: The Belgian metals recycling group plans to cut 14% of positions in its German automotive catalyst business by 2027. ・ Casino Group: The French supermarket chain will cut between 1,293 and 3,267 jobs to improve its financial position. ・ Haleon: The UK-based consumer healthcare company will close its UK manufacturing site over the next two years, affecting 435 jobs. ・ Ted Baker: The UK retailer will shut down 15 stores in the UK, leading to nearly 250 job losses. ・ Telenor Norway: The Norwegian telecom group’s Norwegian division will cut around 100 jobs and reduce temporary staffing. ・ Vodafone Spain: The Spanish telecom company plans to cut up to 1,200 jobs—about one-third of its workforce. ・ Indivior: The pharmaceutical company will cut approximately 130 jobs following its discontinuation of the schizophrenia drug Perseris. ・ Bayer: The German pharmaceutical company will continue cutting managerial positions, with layoffs planned in Germany, Japan, the UK, Belgium, and the Netherlands. ・ CureVac: As part of its restructuring, the German pharmaceutical company will cut around 30% of its workforce. ・ Manchester United: The English Premier League club plans to cut approximately 250 jobs. ・ BASF: The German chemical company is considering layoffs at its Harjavalta plant in Finland. ・ Bouygues Immobilier: The company will cut 225 jobs in its French real estate development division. ・ BP: The oil company has eliminated over 100 positions in its electric vehicle charging business. ・ Intrum: The Swedish credit management company will cut “hundreds” of jobs. ・ Novartis: The Swiss pharmaceutical company will cut 680 jobs in its development team. ・ Schibsted: The Norwegian classified advertising group will cut around 250 jobs across the Nordic region. ・ Siemens Gamesa: The wind turbine manufacturer plans to cut 4,100 jobs—approximately 15% of its total workforce. ・ UPM-Kymmene: The Finnish forestry group will close its newsprint mill in Germany and other facilities, impacting 345 jobs.

Thyssenkrupp to Spin Off Materials Trading Division on October 28

16 hours ago

Thyssenkrupp confirmed the October 28 spin-off of its largest division, tk accelis, via a stock market listing. Shareholders will receive one new share for every twenty held, aiming to simplify the corporate structure and improve earnings margins.

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