Thyssenkrupp Lands Two Major Supply Deals as Spin-Off Vote Nears
Published on 07/28/2026 at 18:22 | Redaktion boerse-global.de
Thyssenkrupp's materials division is building momentum on multiple fronts, securing long-term supply agreements on two continents just weeks before shareholders decide the unit's fate. The German industrial conglomerate's tk accelis arm has signed a five-year contract in India alongside a separate ten-year steel supply deal with Swedish bearing manufacturer SKF covering France and Britain.
The SKF agreement, announced on Tuesday, centres on tk accelis's Global Control Tower solution, designed to strengthen supply chain resilience and improve inventory management. While neither party disclosed volumes or financial terms, the decade-long duration signals a structural deepening of the relationship. François Pillavoine of tk accelis and Ivan Bourgeois of SKF both commented on the partnership. The Indian contract, meanwhile, demonstrates that the former Materials Services division can win business as a standalone entity — precisely the argument management is making ahead of its planned stock market listing later this calendar year.
Deutsche Bank has responded to the progress with a sharply upgraded view. Analysts lifted their price target on Thyssenkrupp shares from €14.50 to €16.00, maintaining a "Buy" rating. They frame the spin-off as effectively a dividend in kind to shareholders, noting that the parent will retain operational control by holding a 51% majority stake in tk accelis after the listing. The move also relieves Thyssenkrupp's balance sheet of the volatile trading business while making its value more transparent to investors.
At a recent capital markets event, management laid out concrete targets for the materials unit: an EBITDA margin improvement from the current 2.0% to between 4% and 5%, alongside annual revenue growth exceeding 4%. The strategy appears to be gaining traction with investors — Thyssenkrupp shares have climbed roughly 33% since the start of the year, though the stock dipped 1.34% to €12.18 on Tuesday, giving back some of the prior session's gains.
Should investors sell immediately? Or is it worth buying Thyssenkrupp?
August is shaping up as a pivotal month. An extraordinary general meeting will vote on the final approval for tk accelis's separation, followed shortly by the third-quarter interim report. Since July 20, the company has been in a "quiet period" that restricts capital markets communication for regulatory reasons.
Not all parts of the conglomerate are firing equally. While the materials division and the TKMS marine systems unit are generating positive momentum, the steel business remains a drag. Regulatory hurdles and seasonal risks such as potential low water levels on the Rhine continue to weigh on that segment, which management is addressing through the "ACES 2030" programme.
Tuesday also brought quarterly results from two other Thyssenkrupp affiliates: TKMS and hydrogen subsidiary thyssenkrupp nucera. Specific estimates were not available at the time of reporting, but both units serve as important indicators — TKMS as the high-margin marine business and nucera as a bet on the hydrogen economy. The flurry of reports comes during a dense week for European industrials, with Mercedes-Benz, Safran, and Bechtle also releasing figures, creating a comparative backdrop against which investors will judge each division's growth promises.
Thyssenkrupp at a turning point? This analysis reveals what investors need to know now.
The shareholder vote in August will determine whether the spin-off plan proceeds. The subsequent quarterly report will then offer the first concrete evidence of how stable the core group remains while navigating its most significant restructuring in years.
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