ThyssenKrupp had planned for an integrated strategic development program in May 2011, which includes performance enhancement, change management and portfolio optimization. The major goals of the program are to increase income, facilitate growth, minimize debt and create value.
As a part of portfolio optimization, the Group will divest businesses for strategic growth and the Board’s plan to separate the activities of Stainless Global is a major component in this initiative. ThyssenKrupp is analyzing the way of making Stainless Global as a separate entity: either through an IPO, spin-off or transaction to a perfect owner.
A new name and logo have also been created for the Stainless Global business. Inoxum will be the name of the separate entity and the new logo signifies the commitment of the stainless steel producer to excellence and its market status. Inoxum will be a holding company including a functional management board that will be responsible for carrying out strategic tasks and controlling the operating business units. The functional board includes Clemens Iller (Chairman), Karsten Lork (Sales), Reinhard Florey (Finance), Frank Brüggestrat (Human Resources) and Dr. Ulrich Albrecht-Früh (Operations).
The new Stainless Global company will handle global production, processing and sales of stainless steel flat products. In addition, it will produce and distribute high-performance materials like zirconium, titanium and nickel alloys. Inoxum will operate companies and their facilities in US, China, Mexico, Italy and Germany.