Thyssenkrupp renames materials trading unit ahead of possible spin-off

ThyssenKrupp AG

Wed 16:00

    HAMBURG, June 10 (Reuters) - Thyssenkrupp TKAG.DE on Wednesday renamed its materials trading division - its biggest by sales - as tk accelis ahead of a possible spin-off of the division later this year, further advancing the German engineering group's revamp.
The move follows last year's brand change for Thyssenkrupp's marine division, which also came ahead of a spin-off of the division in 2025 as part of Thyssenkrupp's plan to turn into a holding that holds stakes in its business divisions.
"Our new name ... supports our preparations towards capital market readiness," tk accelis's CEO Ilse Henne said
"With our new brand identity, we will be even more visible to our customers as a mill-independent partner and gain a distinct, independent profile"
Henne said tk accelis was on the lookout for acquisitions in North America, singling out the precious metals market that is quite fragmented
tk accelis accounts for around 15,500 employees, or around 17% of Thyssenkrupp's total, as well as €11.4 billion  ($13.17 billion), or nearly a third, of the group's sales
Sources told Reuters last month that Thyssenkrupp is considering holding an extraordinary general meeting in the summer to let investors vote on a spin-off of tk accelis
($1 = 0.8654 euros)

 (Reporting by Christoph Steitz and Tom Kaeckenhoff
Editing by Linda Pasquini)
 ((christoph.steitz@thomsonreuters.com; +49 30 220 133 647))