Thyssenkrupp Soars as Tech Focus and IPO Boost Confidence
Thyssenkrupp is transforming into a focused technology company, with stock prices soaring and key divisions finding potential buyers. The company's stock hit a new 52-week high of 12.40 euros, nearly quadrupling in a year due to its radical restructuring efforts.
Dr. Lisbeth Jacobs has been appointed as the new CEO of Rothe Erde, the large roller bearings subsidiary. She plans to drive international expansion for the division.
Thyssenkrupp's marine division is expected to see its operating margin rise to over 7 percent. Meanwhile, the company's steel activities in Europe have attracted interest from investment groups. Carlyle submitted a non-binding offer in September, promising investments in decarbonization and strengthening international competitiveness. Jindal Steel International is another potential buyer, also focusing on decarbonization and boosting competitiveness.
The company's Initial Public Offering (IPO) for its elevator division, TKMS, is scheduled for October 20. The valuation is expected to be between 2.3 and 2.7 billion euros, with an order backlog of 18.6 billion euros.
Thyssenkrupp's restructuring aims to create a focused technology company, with promising developments in key divisions. The company's stock price reflects investor confidence in these changes, and potential buyers for the steel activities could further boost the company's prospects on the stock market today.
