ThyssenKrupp AG expects possible bids for its Greek shipbuilding operations Hellenic Shipyards.
German industrial conglomerate ThyssenKrupp AG expects possible bids for its Greek shipbuilding operations Hellenic Shipyards by Dec. 4, executive board member Olaf Berlien said Friday. The company previously announced its plan to sell the unit, marking a further step away from shipbuilding by ThyssenKrupp.
Berlien declined to provide further details about the sales process of Hellenic Shipyards.
Earlier this year, the company sold stakes and entire production sites of its civil shipbuilding operations in Germany, as well as striking an agreement to jointly operate the design and the manufacturing of naval surface ships with Abu Dhabi MAR Group.
ThyssenKrupp had previously announced its intention to scale down its civil shipbuilding operations in light of considerable global overcapacity and a massive decline in new orders as a result of the economic crisis.
The company has said the economic downturn has resulted in overcapacity of more than 1 million manufacturing hours, threatening the existence of the entire ThyssenKrupp shipbuilding business.