Thyssenkrupp Plans Major Spin-Off of Marine Business for Growth

Thyssenkrupp is embarking on a significant strategic shift by spinning off its marine business into a separate entity. The supervisory board of the Essen-based industrial conglomerate has endorsed this move, aiming to enhance the competitiveness and growth prospects of Thyssenkrupp Marine Systems (TKMS). Shareholders are encouraged to approve the spin-off plan at an extraordinary general meeting scheduled for August.

The proposed structure involves consolidating 49% of TKMS shares into a new holding company, with Thyssenkrupp retaining a controlling 51% stake. The ultimate goal is to list TKMS on the Frankfurt Stock Exchange within the current calendar year. This strategic maneuver mirrors the company’s previous approach with its hydrogen subsidiary, Nucera, as part of CEO Miguel López’s broader plan to restructure Thyssenkrupp into a holding company with multiple independent units.

The supervisory board also decided to extend López’s contract by five years, despite some internal opposition. This decision reflects the board’s confidence in López’s leadership and his vision for the company’s future. However, the contract extension faced criticism, particularly from labor representatives, who felt that López’s leadership does not adequately include employee perspectives.

In addition to these developments, Thyssenkrupp is focusing on advancing its ‘green steel’ initiatives, aligning with broader industry trends towards sustainability. This strategic realignment is seen as a way to regain economic stability and reinforce Thyssenkrupp’s role as a key industrial employer in its region. The company’s leadership remains committed to navigating the challenges posed by high energy prices and global competition, particularly from China.