Thyssenkrupp Rebrands Materials Trading Division as tk accelis for Spin-Off
Thyssenkrupp's Strategic Revamp and Spin-Off Plans
Renaming of Materials Trading Division
HAMBURG, June 10 (Reuters) - Thyssenkrupp on Wednesday renamed its materials trading division - its biggest by sales - as tk accelis ahead of a possible spin-off of the division later this year, further advancing the German engineering group's revamp.
Background on Thyssenkrupp's Restructuring
Previous Brand Changes and Spin-Offs
The move follows last year's brand change for Thyssenkrupp's marine division, which also came ahead of a spin-off of the division in 2025 as part of Thyssenkrupp's plan to turn into a holding that holds stakes in its business divisions.
Statements from Leadership
CEO Ilse Henne on the Rebranding
• "Our new name ... supports our preparations towards capital market readiness," tk accelis's CEO Ilse Henne said
Brand Identity and Market Position
• "With our new brand identity, we will be even more visible to our customers as a mill-independent partner and gain a distinct, independent profile"
Acquisition Strategy
• Henne said tk accelis was on the lookout for acquisitions in North America, singling out the precious metals market that is quite fragmented
Division Profile and Financials
• tk accelis accounts for around 15,500 employees, or around 17% of Thyssenkrupp's total, as well as €11.4 billion ($13.17 billion), or nearly a third, of the group's sales
Potential Spin-Off Timeline
• Sources told Reuters last month that Thyssenkrupp is considering holding an extraordinary general meeting in the summer to let investors vote on a spin-off of tk accelis
Additional Information
($1 = 0.8654 euros)
(Reporting by Christoph Steitz and Tom KaeckenhoffEditing by Linda Pasquini)
