Steel Maker

ThyssenKrupp Close To Selling VDM, Again

Source: dapd
ThyssenKrupp is so close to finally selling VDM.
  • Why it matters

    Why it matters

    ThyssenKrupp has been trying to sell VDM for years.

  • Facts

    Facts

    • Originally, ThyssenKrupp sold VDM to Finland’s steel maker Outokumpu in 2012.
    • E.U. regulatory authorities intervened forcing Outokumpu to sell VDM.
    • ThyssenKrupp paid for VDM with its Outokumpu stakes and debt relief, ending all ties to the Finish steel maker.
  • Audio

    Audio

  • Pdf

The German steel maker and industrial goods supplier, ThyssenKrupp, is poised to sell its loss-making VDM Metals Group to German private equity firm Lindsay Golberg Vogel, Handelsblatt has learned from sources close to the Essen-based manufacturer.

The equity firm, founded by former Thyssen executive Dieter Vogel and owned by New York-based Lindsay Goldberg, has agreed to pay €500 million, or $534 million, for VDM, according to the sources.

The deal, however, still requires approval from VDM’s workers’ council, which has has the power to block it without certain guarantees.

ThyssenKrupp management plans to reach an agreement with the workers’ council in the coming days, according to the sources.

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