Mubasher: Germany’s Thyssenkrupp AG has announced a restructuring plan under which the company will split its steel and industrial business.
The recent corporate action will not result in any layoffs, the company’s CEO Guido Kerkhof stated.
“[The split decision will] create strategic clarity and enable the businesses to develop more dynamically,” Kerkhof added.
Thyssenkrupp’s new steel and industrial units will commence their operations in October, according to Construction Week Online.
The Essen-based company reported a $164 million net profit during the first three months of the fiscal year 2018/2019.