The transfer of VDM and AST from Outokumpu to ThyssenKrupp is now officially completed. The transaction includes the transfer of ThyssenKrupp’s subordinated financial receivable (“loan note”) created as part of the Inoxum transaction to Outokumpu. In exchange, ThyssenKrupp is taking over the companies VDM, AST, and a number of European service centers.
As part of the transaction ThyssenKrupp is also fully divesting its 29.9 percent shareholding in Outokumpu and terminating all further financial links with Outokumpu. With this transaction ThyssenKrupp is averting further value adjustments of its financial receivable and avoiding potential additional financial impacts from the previously associated company Outokumpu. The swap enables Outokumpu to fulfill the EU Commission's conditions within the required period in a way that preserves asset value.
European merger control authority had only approved the original sale of ThyssenKrupp’s stainless steel business Inoxum to Outokumpu subject to the divestment of AST's stainless steel plant in Italy and several European service-centers.
ThyssenKrupp will now further develop the companies VDM and AST and take the necessary time to define optimal strategic options for the companies together with the local management teams. In order to best benefit from ThyssenKrupp’s market presence the transferred companies will be integrated into ThyssenKrupp’s Material Services business area.
ThyssenKrupp has around 157,000 employees in just under 80 countries working with passion and expertise to develop solutions for sustainable progress. Their skills and commitment are the basis of our success. In fiscal year 2012/2013 ThyssenKrupp generated sales of around €39 billion.
Innovations and technical progress are key factors in managing global growth and using finite resources in a sustainable way. With our engineering expertise in the areas of "Mechanical", "Plant" and "Material", we enable our customers to gain an edge in the global market and manufacture innovative products in a cost and resource efficient way.
VDM Metals GmbH, Plettenberger Straße 2, 58791 Werdohl, Germany firstname.lastname@example.org