Thyssenkrupp Bundles Forging Activities in Move Away From Fuel Engine Dependency
October 04 2017 - 4:06AM
Dow Jones News
By Max Bernhard
Thyssenkrupp AG (TKA.XE) said Wednesday it plans to bundle its
global forging activities into a new business unit, in an effort to
enter new markets and decrease the business's dependency on
providing parts for combustion engines.
The new unit, Forged Technologies, will be part of
Thyssenkrupp's components division and have annual revenues of more
than 1 billion euros ($1.17 billion), Thyssenkrupp said.
The German steel and industrial company expects the move will
allow the unit to enter new markets and industries, and become less
dependent on producing components for conventional combustion
engines, said Karsten Kroos, chief executive of the components
division. The mobility, raw materials and energy production sectors
could be targeted with new products, the company said.
Thyssenkrupp has adjusted its automobile product portfolio
towards undercarriage technology in the past years, with motor
components constituting only 20% of revenue at present, Mr. Kroos
said.
"By developing new forging products for new markets and clients,
we want to decrease that share even further in the future and
increase growth potential in the industrial components business
instead," Mr. Kroos said.
Write to Max Bernhard at Max.Bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
October 04, 2017 03:51 ET (07:51 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
Thyssenkrupp (PK) (USOTC:TKAMY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Thyssenkrupp (PK) (USOTC:TKAMY)
Historical Stock Chart
From Jul 2023 to Jul 2024