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THYSSENKRUPP FORMALLY SEEKS ELEVATOR DIVISION BUYERS
By sending out letters requesting expressions of interest, thyssenkrupp has formally started the process of courting potential buyers of all or parts of its elevator division, various news outlets, including Reuters, report. KONE, Schindler, Otis and Hitachi received letters, as did private equity firms KKR, Bain, Advent, CVC, EQT, Blackstone, Partners Group and Apollo, unnamed sources said. One source said thyssenkrupp, which is bleeding money from its other divisions including steel, plant engineering and car parts, seeks to keep a 25% stake in elevators, which is valued at up to EUR17 billion (US$19 billion) and is, by far, its most profitable division. Responses to the letters are anticipated within two weeks. thyssenkrupp, which is also preparing for an initial public offering, is expected to sign a deal by the end of the year.
Image credit: by Tuxyso for Wikimedia Commons
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