DUISBURG (dpa-AFX) - Speaking at the AGM, Guido Kerkhoff, CEO of thyssenkrupp AG (TYEKF.PK), stated that the focus of the board is on three topics: the joint venture, the separation, and performance. For the first-quarter, the company is fully in line with its guidance, which means down from the prior-year quarter, CEO stated.
For fiscal 2018/19, Thyssenkrupp said will continue to be shaped largely by the restructuring of the Group. For fiscal 2018/19, in the continuing operations, the company wants to achieve adjusted EBIT of over 1 billion euros. The company noted that continuing operations means that Steel is no longer included.
CEO Guido Kerkhoff said the company has developed a clear timetable for the separation process, into two companies: thyssenkrupp Materials and thyssenkrupp Industrials. Both companies will be independent, listed companies in the future. The aim is to submit the separation of the Group for approval at the next Annual General Meeting in January 2020. The two companies will have to commence operations at the start of the next fiscal year. The effective date for this is therefore October 1, 2019, CEO noted.
CEO Guido Kerkhoff said thyssenkrupp AG is pressing ahead with the launch of the joint venture with Tata Steel. The company remains confident that it can close the transaction in the spring. thyssenkrupp will then immediately start to realize the expected annual synergies of 400 million euros to 500 million euros.
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