Thyssenkrupp has begun due diligence on potential bidders to acquire its manufacturing unit as the German conglomerate is speeding up radical renovations to sell or restore ailing business units in the next two years. Volkmar Dienstuhl, who heads the Multi-Tracks business unit that hosts businesses that Thyssenkrupp no longer wants to own and oversees the sale of non-core assets, said the company had opened up the ledgers to buyers of its factories and received expressions of interest in its stainless become. Outlining the timeline for the restructuring, he said, “Our goal is to find a solution for all of our businesses over the next two years.”
Mr Dienstool said Multi-Tracks, which accounted for about € 6 billion in sales and generated € 400 million in negative cash flow in the 2018/19 fiscal year, will seek to sell, close or partner with 10 units. it includes.
Essen, Germany, which makes submarines, warships, steel and auto parts, and equipment for cement plants, construction and fertilizer plants, is struggling to define its core business. Thyssenkrupp is also open to consider proposals for its automotive and remaining industrial assets.