ThyssenKrupp completes sale of stainless steel ops
German industrial giant ThyssenKrupp said Friday it has completed the sale of its stainless steel unit Inoxum to the Finnish group Outokumpu.
"ThyssenKrupp today completed the combination of its stainless steel business Inoxum with the Finnish company Outokumpu," the German group said in a statement.
Under the terms of the agreement, announced at the beginning of this year, ThyssenKrupp is to receive one billion euros ($1.3 billion) in cash from Outokumpu.
In addition, Outokumpu will assume 133 million euros of Inoxum's debt, as well as pension liabilities of around 338 million euros.
ThyssenKrupp said it would also receive a loan note from Outokumpu with a current value of around 1.25 billion euros plus a 29.9 percent stake in the new merged entity, which will be the new world leader in the stainless steel segment.
ThyssenKrupp -- which also makes elevators, industrial plant technology, submarines and car parts -- is undergoing a huge transformation, and posted a loss of 4.7 billion euros for the year following a writedown of two loss-making steel plants.
© 2012 AFP