May 14, 2019 / 2:58 PM / 2 months ago

ThyssenKrupp elevator IPO likely to be in 2020 - union official

FRANKFURT (Reuters) - Thyssenkrupp’s planned stock market flotation of its elevator business is unlikely to happen this year but could take place in 2020, a senior union official said on Tuesday.

The elevator unit, whose initial public offering (IPO) would provide a much needed cash boost to the group, saw operating margins fall in the second quarter due to higher material costs, ThyssenKrupp said earlier.

Knut Giesler, a regional head of Germany’s powerful IG Metall union also said that labour representatives have agreed with the company’s management that there will be no forced lay-offs until end of the year and no sites would be shut down.

Reporting by Tom Käckenhoff; Writing by Arno Schuetze; Editing by Alexander Smith

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