Key facts
- Thyssenkrupp plans to spin off its materials trading division, renamed tk accelis.
- The division accounts for nearly a third of Thyssenkrupp's total sales and 17% of its employees.
- Shareholders will vote on August 7 on spinning off 49% of the division.
- A separate listing of the business is planned before the end of the year.
- Thyssenkrupp will retain a 51% stake in the division.
Thyssenkrupp plans to spin off its materials trading division, which accounts for nearly a third of the conglomerate's total sales, as part of its ongoing restructuring efforts to become a holding firm. The division, recently renamed tk accelis, employs approximately 15,500 people and generated €11.4 billion in sales. Shareholders will vote on August 7 on spinning off 49% of the division, with a potential separate listing to occur before the end of the year. Thyssenkrupp intends to retain a 51% stake, similar to its warship builder TKMS. Analysts estimate the division's enterprise value at €3.6 billion ($4.2 billion). Labour union IG Metall has secured worker rights as part of the reorganisation.