ThyssenKrupp, the German steelmaker and industrial conglomerate, plans to sell most of its industrial services unit, in an attempt to streamline its business and finance further acquisitions.
The industrial services unit reported sales of €1.9bn ($2.8bn) in the last fiscal year and is the smallest of ThyssenKrupp’s service businesses.
Ekkehard Schulz, chief executive (pictured left), said the unit was profitable, but said it was also too small to create synergies with the main businesses of the company.
The unit, which offers services such as the maintenance of factories and is set to be put up for sale by 2009, might attract both strategic and financial investors, Edwin Eichler, head of the services segment, said.
ThyssenKrupp intends to keep only a small part of the unit.
The company is also looking for a strategic minority shareholder to take a 30 to 40 per cent stake in its so-called special products business.
The move forms part of the company’s strategy to focus on its areas with the most growth potential.