Thyssenkrupp buys elevator company to boost IPO prospects

thyssenkrupp

Germany’s ThyssenKrupp AG has just acquired an American elevator company, Nashville Machine Elevator.

The acquisition will not only boost the company’s elevator manufacturing business, but it could also be the needed support for its planned initial public offering, IPO.

The company said in a statement that it acquired the company ‘along with its 130 employees, is ET’s biggest market. Last year.

Nashville Machine tends to be strong in its region, as ‘it made 40.1 percent of its sales in the Americas.’

ThyssenKrupp has been in a tough corner after its planned restructuring failed. Some investors are looking at other options which include a sell off of its elevator business, ThyssenKrupp Elevator Technology. Currently the world’s fourth-largest maker of elevators. According to data compiled by Reuters, the company had sales of 7.554 billion euros last year.

There speculations that Finland’s Kone and Otis are considering making a bid for the elevator business of ThyssenKrupp.