March 1, 2012 / 8:21 AM / 7 years ago

ThyssenKrupp to revamp company structure - paper

FRANKFURT, March 1 (Reuters) - ThyssenKrupp Chief Executive Heinrich Hiesinger plans to abandon the group’s two-pillar structure of steel and technology to boost profits, German paper Handelsblatt reported, citing company sources.

Under the plan, the German industrial conglomerate would create regional divisions — initially for the United States, Japan, India and Turkey — that control ThyssenKrupp’s businesses on their turf, the paper said.

Hiesinger wants the management board to approve the planned revamp, which would cost more than 500 million euros ($668.9 million), in coming weeks, the paper said.

A spokesman for ThyssenKrupp said most of what Handelsblatt reported lacked any basis, adding it was also incorrect that the business areas as well as operating units would lose their independence. ($1 = 0.7476 euros)

Reporting By Peter Dinkloh, Maria Sheahan and Tom Kaeckenhoff; Editing by David Holmes

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