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THYSSENKRUPP RESTRUCTURES

Saturday, September 15, 2018 

German industrial giant Thyssenkrupp is to separate its marine division from its industrial business segment and be managed directly by Thyssenkrupp AG. Industrial Solutions will concentrate on plant engineering.

The separation forms part of a wider strategic restructure. Thyssenkrupp's naval business is one of the world's leading system suppliers for surface ships and non-nuclear-powered submarines. To enable Industrial Solutions to concentrate on the transformation process in plant construction and the associated restructuring measures, Thyssenkrupp Marine Systems GmbH, headquartered in Kiel with additional sites in Hamburg, Bremen and Emden, will be spun off from Industrial Solutions and managed directly by Thyssenkrupp AG as of October 1, 2018.

Naval chief Rolf Wirtz will report to Oliver Burkhard, member of the Executive Board of Thyssenkrupp AG.

With this strategic focus, the Board of Management at Industrial Solutions is also being reorganised. Effective October 1, 2018, Marcel Fasswald, currently Chief Operating Officer (COO) of Industrial Solutions, will be appointed as the new CEO. Oliver Tietze (46), previously CFO and COO of the global project management organisation unit at Industrial Solutions, will also take over as CFO effective October 1, 2018.

Guido Kerkhoff, CEO Thyssenkrupp AG, said: "We have now undertaken the necessary steps to enable Industrial Solutions to concentrate entirely on plant construction. Marcel Fasswald has the clear task of ensuring that Industrial Solutions achieves the much-needed turnaround with his extensive experience and expertise in plant construction. Oliver Tietze, a manager with many years of experience in the company, will support him."

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