German steel producer ThyssenKrupp has announced that it has completed the stock purchase agreement it signed on May 14 this year with New York-based private equity company KPS Capital Partners LP (KPS) for the North American foundry ThyssenKrupp Waupaca. The transaction has now been closed.
Dr. Heinrich Hiesinger, executive board chairman of ThyssenKrupp AG had previously commented, "The implementation of the strategic development program adopted in May 2011 is proceeding fully according to plan. After just one year, we have already signed contracts or completed transactions for around 90 percent of the sales volume to be divested. The reorganization of ThyssenKrupp into a diversified industrial group is therefore making good progress."