Thyssenkrupp announced on Wednesday that it is selling its elevator division to a consortium of funds led by buyout group Advent International for €12.5 billion ($19 billion). The deal will reshape the company, with the sale of its car-trains division and the investment in India by its Brazilian unit becoming worthless.

The move follows Thyssenkrupp’s 2014 deal to acquire GE’s elevators, signifying the German industrial conglomerate’s increasingly international focus. Since then, the company has suffered a string of setbacks. In January, CEO Heinrich Hiesinger abruptly stepped down after shareholders pushed for a change of leadership. In December, the U.S. Securities and Exchange Commission accused the group of price-fixing on bolts used in elevators.

Following the announcement of the sale of the elevators division, interim CEO Guido Kerkhoff announced that it would not contest the SEC’s allegations. He called it “a serious matter,” “a complicated accusation,” and “one that cannot go unchallenged,” before adding that it would “prevent further action from this event.” Thyssenkrupp plans to maintain its bearings and components businesses.

Read the full story at Reuters.


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