Sale of ThyssenKrupp Steel Europe's construction activities closed
In October 2011, the Executive Board of ThyssenKrupp Steel Europe decided to divest its business with high-quality steel products for the construction industry. The decision followed an extensive analysis of the options for improving the business's competitiveness and earnings After a review of various alternatives, a best owner solution was found: A purchase and sale contract for the Construction Group was signed with Kingspan on August 08, 2012. Following approval by the supervisory bodies and the responsible regulatory authorities in Germany and the Netherlands, the closing took place now.
The now sold Construction Group of ThyssenKrupp Steel Europe is one of Europe's biggest suppliers of lightweight steel construction elements for use in the walls, facades, roofs and floors of industrial buildings and in cold room construction. With sales of roughly 315 million euros in the year to March 31, 2012, the Construction Group comprises ThyssenKrupp Bausysteme, Hoesch Bausysteme and Isocab. This business unit employs around 780 people and has plants in Germany (Kreuztal-Eichen, Oldenburg), Austria, France, Belgium, and Hungary, as well as international distribution companies.
The new owner of the Construction Group is the internationally successful and fast-growing Kingspan Group plc headquartered in Kingscourt/Ireland, which achieved sales of 1.5 billion euros in 2011. Kingspan has been producing construction elements and insulating materials for over 35 years and employs around 6,000 people at almost 50 production sites worldwide.