In 1999, Thyssen AG and Krupp merged into ThyssenKrupp AG with the largest shareholder being Alfried Krupp von Bohlen und Halbach Foundation, a German philanthropic organization founded by Alfried Krupp von Bohlen und Halbach. ThyssenKrupp AG is now considered one of the largest German multinational conglomerate corporations with 670 companies around the world.
Such is its wide sphere of influence that aside from being among the world’s largest producers of steel, it is also a major manufacturer of systems, solutions and components for several industries including automotive, elevators and escalators, industrial services, and material trading, among others.
Due to the 2009 reorganization, ThyssenKrupp AG has eight business areas within two major divisions. First, the Materials division focuses on the manufacture of carbon steel, stainless steel, and materials services. Second, the Technology division focuses on plants and components technology, elevators and escalators, and marine systems.
The business areas include components technology (i.e., components for the construction, automotive and engineering sectors); elevator technology (i.e., construction, modernization, and maintenance of escalators, elevators, and passenger boarding bridges); materials services (i.e., global distribution of materials and technical services for manufacturing sectors); industrial solutions (i.e., supplies plant construction and naval shipbuilding sectors); steel Europe; and steel Americas.
With over 5,500 employees, ThyssenKrupp AG is one of Europe’s largest employers. It has consistently been voted as one of Germany’s best places to work in. The conglomerate also honors notable achievements in technology via its annual Innovation Prize.
Among its subsidiaries are Acciai Speciali Terni SpA, Outokumpu VDM GmbH, and ThyssenKrupp Elevator AG. Its main factories for elevators are in Spain while its stainless steel manufacturing facilities are in Italy; sales generated in both countries account for 9% of total sales for the conglomerate. In Germany, sales amount to 33% of consolidated sales worldwide with the European Union sales accounting for 28% and NAFTA sales for 21%.