At its extraordinary meeting on March 27 the Supervisory Board of ThyssenKrupp AG, the German group which specializes in steel production, capital goods and services, resolved to realign the group, deciding to reorganize its five segments, steel, stainless, technologies, elevator and services, into two divisions.
Accordingly, the new Materials Division will combine the activities of the current steel, stainless and services segments. The new Technologies Division will comprise the business activities of technologies and elevators.
The aim is to concentrate the business and create a leaner, more efficient structure, including in the administrative areas.
As SteelOrbis previously reported, the executive board was instructed by the Supervisory Board to implement this strategic reorganization by the beginning of the new fiscal year on October 1, 2009.
The reorganization will be followed by an increased organizational centralization. ThyssenKrupp expects the restructuring of the group resolved to produce an effect of up to €500 million.