By Anthony Shevlin 
 

Thyssenkrupp AG (TKA.XE) said Tuesday that its supervisory board unanimously approved the executive board's new strategy for the company, which includes an IPO of its elevator business.

The German conglomerate said both its executive and supervisory boards agreed on a timetable for the implementation of the fundamental realignment of the company. Thyssenkrupp will provide further details with its quarterly figures in August.

Guido Kerkhoff, chief executive of Thyssenkrupp, said: "The new strategy focuses on the economic success of our businesses. With the IPO of the elevator business, we are strengthening our capital base so that we can press ahead with the further development of the individual companies within the group."

"At the same time, we will manage our businesses as a flexible portfolio and consistently align our new organizational structure with it. Together with co-determination in the steel business, we will quickly begin talks on how to make steel sustainably successful," Mr. Kerkhoff said.

The supervisory board said it is convinced that the executive board is on the right track with the new strategy.

Earlier this month, Thyssenkrupp's shares soared after it abandoned plans to split the company in two. The company released second quarter results on May 14 which showed it swung to a loss as the global economic slowdown hit its capital-goods units and low steel prices weighed on its steelmaking activities.

Write to Anthony Shevlin at anthony.shevlin@dowjones.com; @anthony_shevlin

(END) Dow Jones Newswires

May 21, 2019 12:12 ET (16:12 GMT)