The Krupp Foundation, one of the largest shareholders in the German industrial giant Thyssenkrupp, says it supports the company's recently announced plans to split into two separate units.
"This proposal has an overwhelming industrial logic," said Ursula Gather, head of the board of the Alfried Krupp von Bohlen und Halbach Foundation, who added that the board fully backed the idea.
Announced Thursday, the plan would see Thyssenkrupp, which manufactures products such as elevators, car components and submarines, be divided into Thyssenkrupp Materials AG and Thyssenkrupp Industrials AG.
The former is to include the company's raw materials and naval ship building activities. It would also absorb the 50-per-cent share of a merged steel company recently formed with Indian company Tata. The latter is to hold on to elevator-building and car components.
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