Thyssenkrupp to Reorganize Portfolio, Combine Units With Energy Transition Technologies

livemint.com:

Thyssenkrupp said on Thursday that it will reorganize its portfolio and combine business units with key technologies useful for the decarbonization of industry, while also launching a group-wide performance program. On Oct.

1, Thyssenkrupp Rothe Erde, Thyssenkrupp Nucera, Uhde and Polysius will be combined into the new Decarbon Technologies segment, the German industrial company said. The new segment will have around 15,000 employees, and in fiscal 2022 the combined units generated around 3 billion euros ($3.22 billion) in sales, Thyssenkrupp said.

Thyssenkrupp chief executive will manage the new segment, the company said, adding that the Multi Tracks and Industrial Components segments will be dissolved. Thyssenkrupp will be comprised of its Automotive Technology, Decarbon Technologies and Materials Services segments, as well as the Steel Europe and Marine Systems units, which are still intended to be spun off, the company said.

In addition, the company said that it is rolling out a performance program, “Apex", to help achieve the financial targets disclosed during its capital markets day in December 2021. The company said that it aims for an adjusted earnings before interest and taxes margin of 4% to 6% in the medium term, a significantly positive free cash flow figure before mergers and acquisitions, and a continued reliable dividend payment for shareholders.