Thyssenkrupp Sells Elevator Technology Business - Quick Facts

(RTTNews) - thyssenkrupp (TYEKF.PK) said the Supervisory Board has approved a decision sell the company's Elevator Technology unit entirely to a consortium led by Advent, Cinven and RAG foundation, for 17.2 billion euros. thyssenkrupp will reinvest part of the purchase price (1.25 billion euros) in a stake in the elevator business.

Martina Merz, CEO of thyssenkrupp AG, said: "It is now crucial for us to find the best possible balance for the use of the funds. We will reduce thyssenkrupp's debt as far as is necessary and at the same time invest as much as is reasonable in developing the company."

thyssenkrupp said it will be in a position to move forward with the restructuring of the company once payment of the purchase price has been received.