November 21, 2019 / 6:03 AM / 25 days ago

Thyssenkrupp scraps dividend for first time in six years as pain continues

ESSEN, Germany, Nov 21 (Reuters) - Thyssenkrupp on Thursday scrapped its dividend and gave a bleak outlook for next year, raising pressure on new Chief Executive Martina Merz to sell the group’s elevator division and repair the conglomerate’s balance sheet.

“The performance of many of our businesses is not satisfying,” Merz said. “This is also due to the fact that necessary structural improvements and restructuring measures were not implemented with the necessary consequence.” (Reporting by Christoph Steitz Editing by Michelle Martin)

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