thyssenkrupp AG /ˈtɪsɛn.krʊp/ is a German multinational conglomerate with focus on industrial engineering and steel production. The company is based in Duisburg and Essen and divided into 670 subsidiaries worldwide. It is one of the world's largest steel producers; it was ranked tenth-largest worldwide by revenue in 2015.[5] The company is the result of the 1999 merger of Thyssen AG and Krupp, and now has its operational headquarters in Essen. The largest shareholders are Alfried Krupp von Bohlen und Halbach Foundation and Cevian Capital.[6]
In addition to steel production, Thyssenkrupp's products range from machines and industrial services to high-speed trains, elevators and shipbuilding. Subsidiary Thyssenkrupp Marine Systems also manufactures frigates, corvettes and submarines for the German and foreign navies.
In 2018, Thyssenkrupp announced that the company would split into two companies, thyssenkrupp Industrials and thyssenkrupp Materials. The split was supposed to take effect beginning 1 October 2019; however, in May 2019 it was revealed that Thyssenkrupp cancelled its plans to split the company into two
History
Thyssenkrupp is the result of a merger of two German steel companies, Thyssen AG founded in 1891 under the name Gewerkschaft Deutscher Kaiser and Krupp founded in 1811. As early as the 1980s, the companies began negotiations on a merger and began closely cooperating in some business areas. In 1997, the companies combined their flat steel activities, with a full merger completed in March 1999.[8]
Beginnings (1811–1891)
Krupp
1811: Friedrich Carl Krupp establishes a cast steel factory in Essen, Germany.
1826: After Friedrich Krupp's death in 1826, his widow Therese Krupp runs the company together with other relatives and her eldest son Alfred, who was 14 years old at the time.
1833: Krupp manufactures complete rolling machines.
1847: Expansion of the railroads increases demand for durable cast steel, triggering the company’s first surge of growth. Supplies include axles, springs and the seamless tires that can withstand increasing speed without cracking.
1859: The Prussian military orders 300 gun barrels, marking development of the company's second major production segment; shortly after Krupp begins producing complete artillery.
1862: Construction of the first Bessemer steel plant on the continent for mass production of rails and steel sheet.
1864–1872: The company purchases various iron ore mines to avoid dependency on external suppliers. In 1873, Krupp establishes his own shipping company in Rotterdam to transport ore from the Spanish company Orconera Iron Ore Co., in which he owns shares.
1872: Alfred Krupp issues a "General Directive" establishing company hierarchy from foreman to management. Included in the directive are regulations concerning company welfare programs, including the pension fund, sickness and death benefit insurance, company bakery and retail store, worker housing estates and health care, all of which were slowly introduced beginning in 1836.
1867: Establishment of Thyssen, Fossoul & Co. a company making hoop iron for barrels, crates, baling etc.
1871: Establishment of Thyssen & Co. in Mülheim an der Ruhr, Germany
1891: August Thyssen becomes owner of the Gewerkschaft Deutscher Kaiser coal mine in Hamborn near Duisburg. One year earlier, the Thyssen company constructed a steel mill directly adjacent to one of the pits, thus Thyssen grows into an iron and steel mill with its own coal base.
Wilhelminian period (1892–1917)
Krupp
1893: Following the death of Alfred Krupp in 1887, Friedrich Alfred Krupp expands his father's enterprise with takeovers of additional steel mills and shipyards and construction of diesel engines in collaboration with Rudolf Diesel.
1899: With the acquisition of and/or increased investment in various coal mines (Hannibal colliery near Bochum and the Emscher-Lippe coal mine near Datteln) business development concentrates on vertical structures with expansion of a coal base.
1903: Friedrich Alfred Krupp dies suddenly in 1902 at the age of 48 and his eldest daughter Bertha Krupp inherits the company. The company is converted into a stock corporation by will of the late owner; Bertha retains all the stock. As she is still a minor, her mother Margarethe Krupp as guardian and proprietor takes over as the head of the company, managed by a board of directors.
1906: Bertha Krupp marries Gustav von Bohlen und Halbach who adds the Krupp name as a prefix to his own family name. He is appointed vice chairman of the board and serves as chairman through 1943.
1912: Development of stainless, acid-resistant steels quickly finds application in the chemical and food processing industries, medicine and building. The spire of New York's Chrysler Building is clad in the new stainless steel panels.
1917: The "Paris Gun" is developed with a range of 130 km.
Thyssen
1895: Thyssen sets up integrated iron and steel mill with the construction of a blast furnace plant at the Gewerkschaft Deutscher Kaiser. Subsequent expansion is focused on vertical integration of the group.
1906: Intra-company trading and shipping organizations are established to facilitate transport of iron ore to the blast furnace plants. In 1910, the N.V. Handels- en Transport Maatschappij Vulcaan ocean shipping company is establishment in Rotterdam to keep the Thyssen group independent of the international freight market.
1910: Expansion with mills in the Lorraine and Normandy.
1912: Various branches are set up in the Mediterranean area (Algiers, Port Said, Suez, Oran, Naples, Bona, Bizerte, Tangier and Genoa) so that freighters can store coal en route to Russian or Indian ore mines besides delivery of coal or freight for third parties.
1913: Attention is paid to Latin America with the founding of the Deutsch-Überseeische Handelsgesellschaft (German Overseas Trading Company). Thyssen constructs extensive housing estates and related infrastructure to attract workers to the western Ruhr area. By the end of 1913 Thyssen owns 8,750 housing units for 15,500 employees and 850 civil servants: housing for 44,000 people.
1914: Gewerkschaft Deutscher Kaiser begins producing armaments for the First World War. To compensate for labor shortages, women, civilians from Belgium and prisoners of war work for the company.
Weimar Republic (1918–1933)
Krupp
1919: Following the Treaty of Versailles, Krupp reverts to peace-time production focusing on manufacture of locomotives, trucks, agricultural machinery and excavators. The post-war circumstances of inflation, occupation, and dismantling the company's industrial infrastructure led to a financial crisis in 1924/25. The company stabilizes by, among other measures, streamlining processing operations and expanding stainless steel production.
1926: Sintered tungsten carbide was developed by Osram as a material for machining metal. In 1925, Krupp buys the licence and launches sintered carbide onto the market, exploiting its exceptional hardness and wear resistance, which represent a breakthrough in tool engineering.
1929: A 15,000-ton forging press goes into operation in Essen-Borbeck. It is at the time the largest worldwide.
Thyssen
1919: The company is renamed from Gewerkschaft Deutscher Kaiser to August Thyssen-Hütte; Gewerkschaft and mining operations are transferred to an independent company, Gewerkschaft Friedrich Thyssen. The company's foreign interests in the Allied and Soviet countries are expropriated.
1926: Major parts of the Thyssen group are transferred to a newly merged group, Vereinigte Stahlwerke AG, bringing together several coal and steel companies in the Ruhr area to solve cost and production problems of excess capacities. August Thyssen dies at Schloss Landsberg near Essen. His sons Fritz Thyssen and Heinrich Thyssen-Bornemisza inherit the industrial enterprises. His other two children, Hedwig and August Jr., are compensated differently.
Third Reich (1933–1945)
Krupp
1937: As dictated by the state’s Four-Year Plan, production of locomotives, trucks and ships is expanded and armaments production is resumed.
1941: Krupp Germania shipyard is extended with acquisition of Deutsche Schiff- und Maschinenbau AG "Deschimag" to include larger ships and submarines. Krupp takes advantage of foreign labourers, slave labourers and prisoners of war to compensate for labour shortages.
Thyssen
1934: The company August Thyssen-Hütte AG is spun off the Vereinigte Stahlwerke AG as a so-called operating company.
1939: Fritz Thyssen, Chairman of the Board of Vereingte Stahlwerke AG, flees to Switzerland after the invasion of Poland. Vichy France hands over Thyssen and his wife to the German Reich at the end of 1940.
1940: A rearmament policy is introduced in the mid-1930s and with the outbreak of war labor is conscripted and supplemented by foreign workers, forced laborers and prisoners of war.
1945: Thyssenhütte mill in Hamborn occupied by US troops.
Mergers and acquisitions
In addition to steel production, Thyssenkrupp's products range from machines and industrial services to high-speed trains, elevators and shipbuilding. Subsidiary Thyssenkrupp Marine Systems also manufactures frigates, corvettes and submarines for the German and foreign navies.
In 2018, Thyssenkrupp announced that the company would split into two companies, thyssenkrupp Industrials and thyssenkrupp Materials. The split was supposed to take effect beginning 1 October 2019; however, in May 2019 it was revealed that Thyssenkrupp cancelled its plans to split the company into two
History
Thyssenkrupp is the result of a merger of two German steel companies, Thyssen AG founded in 1891 under the name Gewerkschaft Deutscher Kaiser and Krupp founded in 1811. As early as the 1980s, the companies began negotiations on a merger and began closely cooperating in some business areas. In 1997, the companies combined their flat steel activities, with a full merger completed in March 1999.[8]
Beginnings (1811–1891)
Krupp
1811: Friedrich Carl Krupp establishes a cast steel factory in Essen, Germany.
1826: After Friedrich Krupp's death in 1826, his widow Therese Krupp runs the company together with other relatives and her eldest son Alfred, who was 14 years old at the time.
1833: Krupp manufactures complete rolling machines.
1847: Expansion of the railroads increases demand for durable cast steel, triggering the company’s first surge of growth. Supplies include axles, springs and the seamless tires that can withstand increasing speed without cracking.
1859: The Prussian military orders 300 gun barrels, marking development of the company's second major production segment; shortly after Krupp begins producing complete artillery.
1862: Construction of the first Bessemer steel plant on the continent for mass production of rails and steel sheet.
1864–1872: The company purchases various iron ore mines to avoid dependency on external suppliers. In 1873, Krupp establishes his own shipping company in Rotterdam to transport ore from the Spanish company Orconera Iron Ore Co., in which he owns shares.
1872: Alfred Krupp issues a "General Directive" establishing company hierarchy from foreman to management. Included in the directive are regulations concerning company welfare programs, including the pension fund, sickness and death benefit insurance, company bakery and retail store, worker housing estates and health care, all of which were slowly introduced beginning in 1836.
1867: Establishment of Thyssen, Fossoul & Co. a company making hoop iron for barrels, crates, baling etc.
1871: Establishment of Thyssen & Co. in Mülheim an der Ruhr, Germany
1891: August Thyssen becomes owner of the Gewerkschaft Deutscher Kaiser coal mine in Hamborn near Duisburg. One year earlier, the Thyssen company constructed a steel mill directly adjacent to one of the pits, thus Thyssen grows into an iron and steel mill with its own coal base.
Wilhelminian period (1892–1917)
Krupp
1893: Following the death of Alfred Krupp in 1887, Friedrich Alfred Krupp expands his father's enterprise with takeovers of additional steel mills and shipyards and construction of diesel engines in collaboration with Rudolf Diesel.
1899: With the acquisition of and/or increased investment in various coal mines (Hannibal colliery near Bochum and the Emscher-Lippe coal mine near Datteln) business development concentrates on vertical structures with expansion of a coal base.
1903: Friedrich Alfred Krupp dies suddenly in 1902 at the age of 48 and his eldest daughter Bertha Krupp inherits the company. The company is converted into a stock corporation by will of the late owner; Bertha retains all the stock. As she is still a minor, her mother Margarethe Krupp as guardian and proprietor takes over as the head of the company, managed by a board of directors.
1906: Bertha Krupp marries Gustav von Bohlen und Halbach who adds the Krupp name as a prefix to his own family name. He is appointed vice chairman of the board and serves as chairman through 1943.
1912: Development of stainless, acid-resistant steels quickly finds application in the chemical and food processing industries, medicine and building. The spire of New York's Chrysler Building is clad in the new stainless steel panels.
1917: The "Paris Gun" is developed with a range of 130 km.
Thyssen
1895: Thyssen sets up integrated iron and steel mill with the construction of a blast furnace plant at the Gewerkschaft Deutscher Kaiser. Subsequent expansion is focused on vertical integration of the group.
1906: Intra-company trading and shipping organizations are established to facilitate transport of iron ore to the blast furnace plants. In 1910, the N.V. Handels- en Transport Maatschappij Vulcaan ocean shipping company is establishment in Rotterdam to keep the Thyssen group independent of the international freight market.
1910: Expansion with mills in the Lorraine and Normandy.
1912: Various branches are set up in the Mediterranean area (Algiers, Port Said, Suez, Oran, Naples, Bona, Bizerte, Tangier and Genoa) so that freighters can store coal en route to Russian or Indian ore mines besides delivery of coal or freight for third parties.
1913: Attention is paid to Latin America with the founding of the Deutsch-Überseeische Handelsgesellschaft (German Overseas Trading Company). Thyssen constructs extensive housing estates and related infrastructure to attract workers to the western Ruhr area. By the end of 1913 Thyssen owns 8,750 housing units for 15,500 employees and 850 civil servants: housing for 44,000 people.
1914: Gewerkschaft Deutscher Kaiser begins producing armaments for the First World War. To compensate for labor shortages, women, civilians from Belgium and prisoners of war work for the company.
Weimar Republic (1918–1933)
Krupp
1919: Following the Treaty of Versailles, Krupp reverts to peace-time production focusing on manufacture of locomotives, trucks, agricultural machinery and excavators. The post-war circumstances of inflation, occupation, and dismantling the company's industrial infrastructure led to a financial crisis in 1924/25. The company stabilizes by, among other measures, streamlining processing operations and expanding stainless steel production.
1926: Sintered tungsten carbide was developed by Osram as a material for machining metal. In 1925, Krupp buys the licence and launches sintered carbide onto the market, exploiting its exceptional hardness and wear resistance, which represent a breakthrough in tool engineering.
1929: A 15,000-ton forging press goes into operation in Essen-Borbeck. It is at the time the largest worldwide.
Thyssen
1919: The company is renamed from Gewerkschaft Deutscher Kaiser to August Thyssen-Hütte; Gewerkschaft and mining operations are transferred to an independent company, Gewerkschaft Friedrich Thyssen. The company's foreign interests in the Allied and Soviet countries are expropriated.
1926: Major parts of the Thyssen group are transferred to a newly merged group, Vereinigte Stahlwerke AG, bringing together several coal and steel companies in the Ruhr area to solve cost and production problems of excess capacities. August Thyssen dies at Schloss Landsberg near Essen. His sons Fritz Thyssen and Heinrich Thyssen-Bornemisza inherit the industrial enterprises. His other two children, Hedwig and August Jr., are compensated differently.
Third Reich (1933–1945)
Krupp
1937: As dictated by the state’s Four-Year Plan, production of locomotives, trucks and ships is expanded and armaments production is resumed.
1941: Krupp Germania shipyard is extended with acquisition of Deutsche Schiff- und Maschinenbau AG "Deschimag" to include larger ships and submarines. Krupp takes advantage of foreign labourers, slave labourers and prisoners of war to compensate for labour shortages.
Thyssen
1934: The company August Thyssen-Hütte AG is spun off the Vereinigte Stahlwerke AG as a so-called operating company.
1939: Fritz Thyssen, Chairman of the Board of Vereingte Stahlwerke AG, flees to Switzerland after the invasion of Poland. Vichy France hands over Thyssen and his wife to the German Reich at the end of 1940.
1940: A rearmament policy is introduced in the mid-1930s and with the outbreak of war labor is conscripted and supplemented by foreign workers, forced laborers and prisoners of war.
1945: Thyssenhütte mill in Hamborn occupied by US troops.
Mergers and acquisitions
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