ThyssenKrupp completes stainless steel unit sale
Published: 28 Dec 2012 12:25 GMT+01:00
Updated: 28 Dec 2012 12:25 GMT+01:00
"ThyssenKrupp today completed the combination of its stainless steel business Inoxum with the Finnish company Outokumpu," the German group said in a statement.
Under the terms of the agreement, announced at the beginning of this year, ThyssenKrupp is to receive €1 billion ($1.3 billion) in cash from Outokumpu. In addition, Outokumpu will assume €133 million of Inoxum's debt, as well as pension liabilities of around €338 million.
ThyssenKrupp said it would also receive a loan note from Outokumpu with a current value of around €1.25 billion plus a 29.9 percent stake in the new merged entity, which will be the new world leader in the stainless steel segment.
ThyssenKrupp -- which also makes elevators, industrial plant technology, submarines and car parts -- is undergoing a huge transformation, and posted a loss of €4.7 billion for the year following a writedown of two loss-making steel plants.