The Development History of Thyssenkrupp Elevator
Thyssenkrupp Elevator is a German multinational conglomerate that specializes in the production of elevators, escalators, and moving walkways. The company was established in 1999 after the merger of Thyssen AG and Krupp AG 1.
Thyssenkrupp Elevator has a rich history dating back to the 19th century. The company’s roots can be traced back to 1811 when Friedrich Krupp established a factory for the production of English cast steel and all products therefrom 2. In 1896, Thyssen AG was founded by August Thyssen, who was a prominent German industrialist 2.
In 2001, Thyssenkrupp Elevator was formed after the renaming of Thyssen Dover, which was a successor of the elevator division of Dover Corporation 1. Since then, the company has been at the forefront of innovation in the elevator industry. In 2019, Thyssenkrupp Elevator introduced its revolutionary MULTI elevator system, which is capable of moving both vertically and horizontally
On February 27, 2020, German industrial giant Thyssenkrupp agreed to sell its elevator business to a private equity consortium composed of Advent, Cinven, and German RAG Fund for € 17.2 billion. As part of the transaction, ThyssenKrupp will reinvest € 1.25 billion of this proceeds to acquire some shares in the business. Under immense debt and financial pressure, ThyssenKrupp urgently needs to use its elevator business to rescue its deteriorating performance. On August 4, 2020, ThyssenKrupp Elevator announced that the relevant regulatory authorities had approved the acquisition of Advent and Cinven. The ownership change was completed on July 31, 2020, and ThyssenKrupp Elevator has become an independent company-TK Elevator.
