Thursday, 21 September 2017

Tata Steel takes first step towards German industrial group Thyssenkrupp merger



Tata Steel and German industrial group Thyssenkrupp have signed a memorandum of understanding in what marks the first step towards a merger of the two companies.
 
An announcement on the move made on Wednesday morning said Thyssenkrupp and Tata's European operations would join forces in a 50/50 venture which could see some job losses further down the line in the UK.


Tata Steel, which is Britain's biggest steel producer, hit the headlines last year when it put its entire UK operations up for sale amid a deteriorating industry environment.


But the Indian-owned firm paused its plans after pledges of Government support and an agreement to restructure its hefty pension scheme.


The joint venture with Thyssenkrupp will result in a total workforce across Europe of around 48,000 employees.


Tata Steel and German industrial group Thyssenkrupp have signed a memorandum of understanding in what marks the first step towards a merger of the two companies.
 
 
An announcement on the move made on Wednesday morning said Thyssenkrupp and Tata's European operations would join forces in a 50/50 venture which could see some job losses further down the line in the UK.


Tata Steel, which is Britain's biggest steel producer, hit the headlines last year when it put its entire UK operations up for sale amid a deteriorating industry environment.


But the Indian-owned firm paused its plans after pledges of Government support and an agreement to restructure its hefty pension scheme.


The joint venture with Thyssenkrupp will result in a total workforce across Europe of around 48,000 employees.




SKY     News.