January 19, 2018 / 12:09 PM / in a year

Thyssenkrupp needs gov't consent for changes at submarine unit

FRANKFURT, Jan 19 (Reuters) - Thyssenkrupp will not be able to make strategic changes to its submarine business without the consent of the German government, Chief Executive Heinrich Hiesinger told shareholders on Friday.

Thyssenkrupp Marine Systems, which is part of the group’s struggling Industrial Solutions business area, will be up for review as part of Thyssenkrupp’s annual strategic review, which covers all assets.

The group does not break out results for Marine Systems but has said the unit’s low earnings contribution significantly hit adjusted operating profit of Industrial Solutions, which posted a margin of 2 percent last year, below a 6 to 7 percent medium-term target. (Reporting by Christoph Steitz; Editing by Maria Sheahan)

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