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THYSSENKRUPP AG

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Thyssenkrupp : CEO announces sweeping job cuts

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10/09/2019 | 04:38am EDT
Logo of German steelmaker ThyssenKrupp at Haus Rheinberg near Lorch

FRANKFURT (Reuters) - Thyssenkrupp will make sweeping job cuts and give an update on the new company structure in November, the company's new Chief Executive Martina Merz told employees on Wednesday.

"This is about strengthening businesses and improving performance. This is not a sellout," Merz said in the letter, which was seen by Reuters.

Thyssenkrupp declined to put a figure on potential job losses, pending negitiations about cuts with labour leaders, but said an update about the revamp will be given in November.

"It is true that this will not be possible without significant job cuts," Merz said, explaining that big changes for are afoot in the Component Technologies and Industrial Solutions divisions.

(Reporting by Tom Kaeckenhoff; Writing by Edward Taylor)

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Financials (EUR)
Sales 2019 41 281 M
EBIT 2019 813 M
Net income 2019 -105 M
Debt 2019 3 999 M
Yield 2019 1,06%
P/E ratio 2019 -69,2x
P/E ratio 2020 17,0x
EV / Sales2019 0,30x
EV / Sales2020 0,30x
Capitalization 8 211 M
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 13,28  €
Last Close Price 13,17  €
Spread / Highest target 21,5%
Spread / Average Target 0,88%
Spread / Lowest Target -44,6%
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Managers
NameTitle
Guido Kerkhoff Chief Executive Officer
Martina Merz Chairman-Supervisory Board
Johannes M. Dietsch Chief Financial Officer
Martin Holz Chief Information Officer
Bernhard Pellens Member-Supervisory Board
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