Danish engineering company FLSmidth has signed an agreement to acquire the mining business of German engineering company ThyssenKrupp for 325 million euros. ThyssenKrupp's mining technology business unit has nearly 3,400 employees and generated 800 million euros in revenue in the 2019-2020 fiscal year. The business operates in 24 countries/regions.

In order to find a new owner, the German company transferred its mining operations to the multi-track field in October 2020. The merger of FLSmidth and ThyssenKrupp's mining division is expected to create a business with an estimated total revenue of 22 billion Danish kroner (3 billion euros) in 2020. Martina Meltz, CEO of ThyssenKrupp, said: "The successful sale of the mining business shows that we are pushing ahead with ThyssenKrupp's transformation at full speed and achieving important results step by step. But we have not yet reached our goal. Goal. The principle of'performance first' continues to apply. We need to restore positive cash flow as soon as possible. The sale of Mining Technologies has made an important contribution to this."

According to the customary approval of relevant departments, the transaction is expected to be completed in the second half of 2022. The acquisition of ThyssenKrupp's mining business complements FLSmidth's products and is a full-line supplier of mining systems, material handling, mineral processing and service solutions. It is expected to increase FLSmidth's annual mining revenue by more than 50%.

In addition, the transaction is expected to strengthen the combined business's ability to digitize the mine from pit to factory and reduce its environmental footprint. JPMorgan Chase Securities acted as the sole financial advisor to FLSmidth in the transaction.

Keywords: foreign engineering project information, overseas engineering, international engineering news

FLSmidth CEO Thomas Schulz said: “ThyssenKrupp’s mining business is an ideal complement to FLSmidth. We are particularly impressed by the capabilities, expertise and reputation of ThyssenKrupp’s employees, especially in projects. And products. The huge global installation base provides great potential for service and after-sales business. We have similar business models, and we are very concerned about sustainable development and digitalization. Our corporate culture matches very well.” Therefore, I look forward to it very much. Combining our strengths; I believe that together we will play a leading role in shaping a zero-emission future in the mining industry and creating sustainable growth for our customers, employees and shareholders.Editor/Baohongying