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Germany: Thyssenkrupp Industrial Solutions Business Units to Be Reorganized

| Editor: Alexander Stark

As part of its transformation program, the Thyssenkrupp Group reorganizes their Industrial Solutions business area, the engineering, construction and naval shipbuilding arm, the company announced.

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Jens Michael Wegmann, CEO of the Industrial Solutions business area of Thyssenkrupp: "We are putting customers at the center of our actions."
Jens Michael Wegmann, CEO of the Industrial Solutions business area of Thyssenkrupp: "We are putting customers at the center of our actions."
(Picture: thyssenkrupp)

Essen/Germany – In parallel with the organizational changes, the company is currently examining whether the individual operating business units have a viable setup and how performance can be further improved in a dynamic and very challenging competitive environment. This review is being carried out in close consultation with employee representatives and will be completed by the fall.

Jens Michael Wegmann, CEO of the Industrial Solutions business area of thyssenkrupp since October 2015: "We are operating in a challenging environment. Plant engineering is a volatile business per se. We have many strengths that have made us very successful in the past. But we have also identified potential for improvement and scope for further development."

The new structure will be implemented at the start of the new fiscal year on October 1, 2016. Industrial Solutions will then have eight business units: Industrial Specialties, Mining Technologies, Cement Technologies, Electrolysis & Polymers Technologies, Fertilizer Technologies, Services, Marine Systems and System Engineering.

The service activities of Industrial Solutions will for the first time be combined in the new Services business unit, with the aim of more than doubling the share of service business from the current level of around 13 % to around a third.

To handle the extended management duties of the business area board, the new position of Chief Operating Officer has been created. A decision on who will fill this position will be made shortly. As of June 1, the new CFO is Stefan Gesing (38), who previously headed the Controlling, Accounting & Risk department at the Thyssenkrupp Group's head office. Johan P. Cnossen (56) from the Netherlands joined the leadership team of Industrial Solutions in May 1, 2016 as head of the transformation office responsible for implementing "planets". Overall, around 50 percent of the business area's higher management positions are to be refilled.

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