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ThyssenKrupp
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ThyssenKrupp AG () is a large German industrial conglomerate, with more than 200,000 employees. The corporation consists of 670 companies worldwide. ThyssenKrupp is one of the world's largest steel producers. It operates worldwide in three business areas: steel, capital goods, and services. The steel unit concentrates on carbon steel and stainless steel, while the capital goods unit consists of three segments: elevators, automotive (parts, sub-assemblies, and modules), and technologies (machine tools, large-diameter bearings, cement plants, bulk material handling systems, chemical / refining plants and industrial doors).
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Encyclopedia
ThyssenKrupp AG () is a large German industrial conglomerate, with more than 200,000 employees. The corporation consists of 670 companies worldwide. ThyssenKrupp is one of the world's largest steel producers. It operates worldwide in three business areas: steel, capital goods, and services. The steel unit concentrates on carbon steel and stainless steel, while the capital goods unit consists of three segments: elevators, automotive (parts, sub-assemblies, and modules), and technologies (machine tools, large-diameter bearings, cement plants, bulk material handling systems, chemical / refining plants and industrial doors). The services sector provides tailor-made materials, environmental services, mechanical engineering, and scaffolding services. The company is the result of the 1999 merger of Thyssen and Krupp, and is headquartered in Düsseldorf. As of 2008, 25.01% of the company shares are held by the Alfried Krupp von Bohlen und Halbach Foundation.
Products and sales
ThyssenKrupp generates 33% of its consolidated sales on its home market. The rest of the EU (European Union) (28%) and the NAFTA region (21%) are the key foreign regions for its business outside Germany. ThyssenKrupp companies hold leading positions with their products in numerous international markets.
Mergers and acquisitions
ThyssenKrupp itself is the result of the 1999 merger of Thyssen and Krupp. In 2005, ThyssenKrupp acquired Howaldtswerke-Deutsche Werft (HDW) in Kiel from One Equity Partners. ThyssenKrupp Marine Systems (TKMS) is now the most important European group of shipbuilders. In addition to HDW, Blohm + Voss in Hamburg as well as Nordseewerke at Emden are also subsidiaries of TKMS. One Equity Partners holds 25% of the TKMS shares.
In December 2005, ThyssenKrupp acquired 60% of Atlas Elektronik from BAE Systems, with EADS acquiring the remaining 40%.
In August 2007, ThyssenKrupp Materials North America acquired , a small-quantity distributor of semi-finished metals and plastics based in Seattle, WA.
In early 2008, ThyssenKrupp Aerospace acquired Apollo Metals and Aviation Metals, both suppliers to aerospace and defence.
New Alabama facilities
On May 11, 2007, ThyssenKrupp AG announced an investment of €3.1 billion (US$4.19 billion) for building new carbon steel and stainless steel processing facilities in southern Alabama. The announcement came after several months of competition between a site on the Mississippi River in Convent, Louisiana, and a site on the Tombigbee River, near Mount Vernon, Alabama, in Mobile County, about 30 miles north of Mobile.
ThyssenKrupp Steel USA , which represents seventy percent of the project investment, is building a hot strip mill, cold rolling mill, and four galvanizing lines. ThyssenKrupp Stainless USA is building a melt shop and cold rolling mill. Both companies are independent and operate under different management teams. When completed in the first quarter of 2010, the facilities will process a combined total of 5.1 million metric tons of carbon and stainless steel annually for sale in the NAFTA market and will employ a combined total of 2,700 people.
Additionally, the Port of Mobile is investing over $100 million to build a terminal on the southern tip of Pinto Island in Mobile Bay to service the facilities.
ThyssenKrupp Stainless project delays
On January 23, 2009, ThyssenKrupp announced that in response to the weakened North American stainless steel market and the detoriating global economy, the production startup date for the stainless portion of the project would be delayed at least one year. No changes were made to the carbon steel production schedule which represents 70 percent of the project's investment and workforce. ThyssenKrupp Steel USA plans to begin operations in spring 2010.
Controversies
Price fixing
In November 2006, five lift manufacturers, including ThyssenKrupp, were found guilty of price fixing by the EU, over 9 years,
along with Otis Elevator Co., Schindler Group, KONE and Mitsubishi Elevator Europe. A few months later on February 21, 2007, ThyssenKrupp was fined US$629 million (€479 million) by the EU (Otis was fined $295 million). The EU Competition Commission reported that the companies had worked to rig bids for procurement contracts, share markets, and fix prices between at least 1995 and 2004. The Commission reported that the companies "did not contest the facts" found by EU regulators, noting none of the accused requested a hearing to answer the allegations; the total fines of US$1.3 billion were viewed as an effort by EU Competition Commissioner Neelie Kroes to wipe out cartels.
Deaths
On December 6, 2007, a fatal fire accident inside a plant in Turin, Italy caused the death of seven steelworkers. It seems that a damaged manifold burst and showered the workers with flaming coolant oil; they tried to extinguish the flames with water but instead created a flash fire. The Italian magistrates are still examining the causes of the fire, with workers describing slack safety measures to investigators. During the investigations, a document was seized from Harald Espenhahn (CEO of the Italian division of Thyssenkrupp). The document states that the only survivor should be taken to court, because he is accusing Thyssenkrupp in television. The document also states that the fire was due to the fact that the workers were distracted.
The accident happened after four hours of overtime. When the workers tried to use nearby extinguishers, they found those depleted even though a technician had filled every extinguisher in the factory the previous day.
CEO Espenhahn has been charged by Dr.Guariniello, state prosecutor of Turin, with multiple murder ("omicidio volontario multiplo con dolo eventuale") instead of multiple manslaughter for that accident.
See also
External links
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- - Searchable database of the companies worldwide weblinks
Major Subsidiaries
- naval electronics
- shipbuilding
- shipbuilding
- shipbuilding
- cement
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