German group ThyssenKrupp, which specializes in steel production, capital goods and services, has announced that it intends to accelerate its strategic growth and further optimization of its portfolio.
Accordingly, in 2009 ThyssenKrupp plans to sell its industrial services business unit in order to focus on its material services to further enhance their market position. The aim is not only to expand in the growth regions of Asia and Eastern Europe but also to consolidate the leading positions achieved in the European and North American markets.
ThyssenKrupp's steel service operations in Germany and Brazil will remain in the group and will be allocated to the special products business unit in the future. With the help of a strategic partner, who will take a substantial minority interest, the special products business in Asia and Eastern Europe in particular is to be driven forward.
In line with ThyssenKrupp's mid-term target to achieve sales of €60 billion and earnings before taxes and nonrecurring items of €4 billion, a €20 billion investment program is being implemented. ThyssenKrupp's long-term target is to achieve sales of around €65 billion and earnings before taxes and nonrecurring items of €4.5 to 5.0 billion.