thyssenkrupp & Kloeckner to be in merger talks

2019-06-24

Jun. 24, 2019 - thyssenkrupp could take over the German metals distributor Kloeckner & Co to boost its trading business. It is said Mr Guido Kerkhoff, CEO of thyssenkrupp, has already had an initial discussion with Gisbert Ruehl, head of Kloeckner. When thyssenkrupp’s depleted coffers are filled again from asset sales or the planned separate listing of its elevator unit, expected to take place in the first half of next year, it could take over Kloeckner.

A Kloeckner & Co spokesman said that Ruehl and Kerkhoff are in regular contact on a range of topics but we are not aware of any plans for a takeover of Kloeckner & Co by thyssenkrupp.

Klöckner & Co SE is a large producer-independent steel and metal distributors in the overall market of Europe and North America. The main business of the company is the warehousing distribution of steel products and non-ferrous metals as well as the operation of steel service centers. In addition, customer-specific processing services such as sawing, plasma and flame cutting, sandblasting, priming and bending are offered. Klöckner converted goods and services worth 6.79 billion euros in the past financial year. The Group made a bottom line profit of 67.8 million euros.