USA – Germany’s largest steelmaker ThyssenKrupp has agreed to sell service provider Xervon to recycling company Remondis as part of a plan to offload Euro 10 billion (US$ 14.4 billion) worth of assets to pay down debt.
ThyssenKrupp has declined to say how much Remondis is paying for Xervon.
Xervon, also of Germany, is a service provider for the processing industry, building and construction-related sectors as well as energy and power plants. The unit has 9000 employees and generated sales of Euro 668 million in the financial year to September 30 2010. Meanwhile, Remondis is a German recycling and waste management company with 19 000 employees and annual sales of Euro 5.4 billion.
ThyssenKrupp announced its divestment push in May this year, revealing plans to sell off its stainless steel unit – Europe’s largest producer – and to offload other non-core businesses. The company agreed with labour representatives that it would sell non-core operations only if it found an owner that would maintain each unit as a whole entity.