By Nathan Allen

Thyssenkrupp AG (TKA.XE) said Saturday that the strategy, finance and investment committee of its supervisory board approved a restructuring plan that involves spinning off its elevator unit.

The committee will recommend the supervisory board approves the plan at its next meeting on May 21, the company said.

Meanwhile, the German industrial conglomerate said it has reached a basic agreement with workers' union IG Metall on the implementation of the new strategy, which will involve 6,000 job cuts.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

May 13, 2019 01:23 ET (05:23 GMT)

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