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Thyssenkrupp to make job cuts, reorganize auto parts business

October 9, 2019

DUESSELDORF — New Thyssenkrupp CEO Martina Merz on Wednesday paved the way for deeper job cuts at the ailing conglomerate, telling employees in an internal memo such a step was necessary for a much-needed turnaround.

Thrown into crisis by a chain of events that started with activist fund Elliott taking a stake last year, the German supplier is desperately trying to improve its operating performance and simplify its overly complex structure.

To do that, it is planning to list or sell its elevator division and is willing to sell majority stakes in its struggling car parts and plant engineering divisions, which Merz said are facing significant changes.

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