FRANKFURT (AFX) - ThyssenKrupp AG wants to make acquisitions to become the second largest player in the elevator market, head of the elevator business unit Gary Elliot told the Financial Times Deutschland in an interview.
'We need one or more acquisitions in order to reach our growth target,' Elliot said, adding that the company has the funds to make an acquisition in the billion euro class.
An ideal partner would be Japan's Hitachi, according to information obtained by the newspaper.
Elliot stressed that if it were to partner with another company, it would be 'out of the question' to give up a majority stake.
ThyssenKrupp is currently ranked as the third largest in the market, but Elliot pointed out that in terms of earnings 'we are already number 2'.
The largest elevator-makers are Otis Elevators Co and Schindler Holding AG.
With a takeover in Japan, ThyssenKrupp Elevator could increase its world market share to 20 pct from today's 12 pct.
Turning to the European market, where ThyssenKrupp holds 15 pct of the elevator market, Elliot said the company wants to increase this, in the face of weak demand. ragnhild.kjetland@afxnews.com rkj/cml COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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