Concept

ThyssenKrupp

Summary
ThyssenKrupp AG (ˈtɪsən.krʊp, ˈtʏsn̩ˌkʁʊp; stylized as thyssenkrupp) is a German industrial engineering and steel production multinational conglomerate. It resulted from the 1999 merger of Thyssen AG and Krupp and has its operational headquarters in Duisburg and Essen. The company claims to be one of the world's largest steel producers, and it was ranked tenth-largest worldwide by revenue in 2015. It is divided into 670 subsidiaries worldwide. The largest shareholders are the Alfried Krupp von Bohlen und Halbach Foundation and Cevian Capital. ThyssenKrupp's products range from machines and industrial services to high-speed trains, elevators, and shipbuilding. The 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, but this plan was cancelled in May 2019. 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. 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 the demand for durable cast steel, triggering the company's first surge of growth. Supplies include axles, springs, and seamless tires that can withstand increasing speed without cracking. 1859: The Prussian military orders 300 gun barrels, marking the development of the company's second major production segment; shortly after Krupp begins producing complete artillery.
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