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ThyssenKrupp agrees electrolysis plant JV with Italya[euro](tm)s De Nora.

M2 EQUITYBITES-November 5, 2013-ThyssenKrupp agrees electrolysis plant JV with Italya[euro](tm)s De Nora(C)2013 M2 COMMUNICATIONS

5 November 2013 - German steel giant ThyssenKrupp AG (ETR:TKA) said today its plant engineering and construction arm ThyssenKrupp Industrial Solutions had agreed to set up a joint venture in the electrolysis area with Italian electrochemical technologies supplier Industrie De Nora SpA.

ThyssenKrupp did not give financial details on the deal, which is pending clearances by the supervisory bodies and competition regulators.

ThyssenKrupp Industrial Solutions will hold a majority stake in the new firm, which will be dubbed ThyssenKrupp Uhde Chlorine Engineers.

The venture, which is seen to generate annual sales in the mid three-digit million euro range, will combine the firms' engineering, procurement and construction activities for electrolysis plants, expanding their technological platforms and enlarging their global reach, ThyssenKrupp said. It will be based in Dortmund, Germany and will have offices also in Okayama, Tokyo, Shanghai, Milan and Houston.

The parties have already been collaborating via a joint venture on licensing electrolysis processes.

Commenting on the move, the German group's CEO Heinrich Hiesinger stressed that plant engineering and construction is a key growth area for ThyssenKrupp.

According to ThyssenKrupp Industrial Solutions's CEO Hans Christoph Atzpodien, the two companies have complementary technologies and geographical market coverage.

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Publication:M2 EquityBites (EQB)
Date:Nov 5, 2013
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