FRANKFURT, Germany -- German heavy industry giant ThyssenKrupp AG (IW 1000/75) said Monday it is looking to sell its rail and construction activities due to the limited growth prospects.
The management of ThyssenKrupp's material services division informed the group's supervisory board "of its decision to initiate a sale process for the railway and construction operations, with combined sales of around 400 million euros ($523 million) and roughly 800 employees," the group said in a statement.
"In view of limited growth prospects on the German market and increased cost pressure, the materials services division believes the two activities will have better development opportunities outside the ThyssenKrupp Group," the group said.
Copyright Agence France-Presse, 2013
