February 28, 2020 / 9:06 AM / a month ago

Thyssenkrupp CEO says proceeds from elevators sale needed for restructuring

FRANKFURT, Feb 28 (Reuters) - Thyssenkrupp’s Chief Executive on Friday said the steel-to-submarines conglomerate will use the proceeds from the 17.2 billion euros ($18.69 billion) sale of its elevators division to restructure or sell its remaining businesses.

“We do not like selling this division. But it is the best solution,” Chief Executive Martina Merz said, adding that the proceeds are needed to make investments and to restructure its other struggling businesses.

Thyssenkrupp will now take until May to decide which businesses it wants to keep, restructure or sell off, Merz said, declining to answer which businesses will remain a core part of the conglomerate.

Thyssenkrupp late on Thursday agreed to sell its elevators division to a consortium of Advent, Cinven and Germany’s RAG foundation, divesting its most profitable business.

$1 = 0.9201 euros Reporting by Edward Taylor; editing by Thomas Seythal

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