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ThyssenKrupp

ThyssenKrupp

Industry: 
Defense, Manufacturing
Value of USG Contracts: 
151
Symbol: 
ETR:TKA
States: 
AL
CA
CO
DC
GA
IL
MI
MO
NJ
OH
WI
Country: 
Germany
Contact Information: 
Sources: 

"German steel and machinery company ThyssenKrupp AG says it is halting its business dealings in Iran. The company said Thursday it will fade out its existing Iran business and won't enter any new contracts, a move meant to support the international sanctions against Iran. Spokesman Alexander Wilke said Iran business in the last fiscal year amounted to barely 0.5 percent of the company's revenue of euro40 billion ($53 billion), totaling around euro200 million." (Associated Press, "Germany's ThyssenKrupp halting its Iran business," 9/23/10)

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"ThyssenKrupp AG, a sprawling German industrial conglomerate, itself does no business in Iran but has offshoot companies that do, said Dr. J├╝rgen Claassen, the company's executive vice president. Sales to Iran accounted for less than 0.5 percent of total group sales, or 40 billion euros, in fiscal year 2008-2009, he said, and did not involve sales to either the defense or nuclear sectors."

From 2000-2009, the company was the recipient of $115.7 million US federal funds.  Their activities in Iran are currently active. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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Several renowned German companies are involved in major Iranian infrastructure projects, especially in the petrochemical sector, like Linde, BASF, Lurgi, Krupp, Siemens, ZF Friedrichshafen, Mercedes, Volkswagen and MAN. (Thai Press Reports, IRAN/GERMANY IRANIAN-GERMAN TRADE UP 78%, December 8, 2008)

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The bill, which roped in companies with even small engagements with Iran, affected not only Honda, but DaimlerChrysler AG, Bridgestone Corp., Siemens and ThyssenKrupp AG, all of which have factories in Ohio. The pension funds estimated that the targeted companies employed more than 45,000 workers in the state. (The Associated Press, Should states sell stocks to protest links to Iran, Neil King, JR, June 14, 2007)

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Last Friday, Thyssen-Krupp, a steel-making conglomerate, said a representative of Iran - the companys third biggest shareholder - no longer would hold a seat on its supervisory board. In remarks to shareholders, Thyssen-Krupp supervisory board chairman Gerhard Cromme said he regretted having to remove the Iranian, but failure to do so would have created considerable economic disadvantages for the company. Thyssen-Krupps move came as BP chief executive officer John Browne reiterated that the oil company would refrain from exploring business opportunities in Iran. (The Globe and Mail, Two big EU firms ease ties with Iran, Matthew Karnitschnig, January 28, 2005)

Response: 

No response at this time.

German steel and machinery company. Announced in September 2010 that it would not seek new business and phase out existing business.