(Credit Photo @ Vogel Business Media)
ThyssenKrupp is nearing a sale of its loss-making alloys unit VDM to private equity firm Lindsay Goldberg Vogel for about €500 million. But the head of ThyssenKrupp’s works council said the talks were not concluded and the outcome was dependent on jobs and workplace guarantees for VDM’s staff, who have the power to block any deal. “There is no decision,” said Wilhelm Segerath. ThyssenKrupp is transforming itself from a steelmaker into an industrial goods supplier. ThyssenKrupp was forced to buy back high-performance alloys unit VDM along with stainless-steel unit AST from Outokumpu last year after selling them to the Finnish steelmaker as part of a bigger deal. The two together have a book value of over €900 million and are making operating losses while being restructured.
Source : Reuters