FRANKFURT (Reuters) – Thyssenkrupp’s <TKAG.DE> new chief executive Martina Merz will brief top managers about the steel-to-submarines conglomerate’s organisational structure on Tuesday, three sources familiar with the matter told Reuters.
The German group announced in May it was open to new ownership structures for its car parts, plant engineering, marine systems and elevators units, but investors criticised a lack of progress leading to the dismissal of CEO Guido Kerkhoff.
Merz will address managers as the company reviews takeover offers for its elevators division and as investors question the viability of its steel and materials trading divisions in the long run.
Thyssenkrupp is planning 6,000 job cuts through a process of voluntary retirement and attrition and managers want clarity about which divisions will face further cuts, including in administration, these sources said.
In May, Thyssenkrupp announced a fresh restructuring after regulators torpedoed plans to combine Thyssenkrupp’s steel division with the European unit of Indian peer Tata Steel <TISC.NS>.
Pressure from investors seeking to realise greater value by breaking up conglomerates led General Electric <GE.N> to spin off its healthcare business and Siemens <SIEGn.DE> to announce it will separate its gas turbines business.
(Reporting by Tom Kaeckenhoff and Chris Steitz; Writing by Edward Taylor; Editing by Elaine Hardcastle)