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IG Metall Sets Out Demands as Thyssenkrupp Elevator Sale Nears Endgame

Steel News - Published on Thu, 20 Feb 2020

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Germany’s largest union IG Metall’told Reuters that any new owner of Thyssenkrupp’s elevator unit not only has to provide guarantees against job cuts and plant closures, but also commit to staff involvement and investment plans. IG Metall’s Knut Giesler said “We want to conclude the negotiations as fast as possible and then sign an agreement with the chosen buyer. There are two, three things that still need to be ironed out. That’s the task of the next one and a half weeks.”

Labour representatives control half of Thyssenkrupp’s supervisory board, which is expected to meet on February 27, and their consent will be key to any transaction. The sale of Thyssenkrupp Elevator Technology, potentially Europe’s largest private equity deal in 13 years, will be key for the future of the German conglomerate, which has been hit by profit warnings and delayed restructuring steps.

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Posted By : Rabi Wangkhem on Thu, 20 Feb 2020
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