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Thyssenkrupp wanted to restructure with the billions of euros from the sale of the elevator division, but the crisis in the crown forces the executive director, Martina Merz, to reevaluate the strategy.
“In the medium term, the corona-related liquidity outflows are likely to result in the financial margin from the sale of the elevator business being much lower than originally assumed,” Handelsblatt quotes from a Board letter. Executive employees last Thursday, the newspaper is present “We are preparing solutions for this.”
The company’s press department was not available for comment Sunday.
Merz originally wanted to borrow and restructure the Ruhr group with an expected revenue of € 17.2 billion. But because demand has plummeted in numerous business areas in recent weeks, thyssenkrupp expects a significantly larger capital outflow this year than initially anticipated. The forecast for the current year, which had forecast a negative cash flow before sales and acquisitions of more than one billion euros, was already collected in March due to the crisis in the crown. A few days ago, thyssenkrupp obtained a loan of more than one billion euros from the State Reconstruction Loan Corporation (KfW) to close liquidity bottlenecks until the elevator agreement was concluded.
This month, Merz wants to develop its strategy after the sale of the elevator division has been completed, the newspaper writes. So far, the plan provides greater independence for the remaining companies and the reduction of at least 6,000 jobs. “To further develop the strategy and, above all, implement it in practice, we will continue to analyze and assess the effects of the Corona crisis on an ongoing basis and update our plans accordingly,” Handelsblatt continues from the employee letter.
DJG / cln
Dow Jones Newswires
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