Thyssenkrupp will change from a sprawling conglomerate into an organization using the leanest feasible holding, the German industrial giant launched, as it unveiled a restructuring plan might keep it with about 20,000 less staff members.

The Essen-based business will put business with a combined yearly return of around 6bn on the market, including its stainless-steel plant in Italy and its factory-building product.

regardless of the collapse of a merger with competing Tata just last year, Thyssenkrupp also said it had been in discussion to combine its ailing metallic company and underlined its intention to get partners for the shipbuilding division.

The Krupp Foundation, which is the owner of nearly 21 percent of Thyssenkrupp and remains its largest shareholder, said it supported the measures, despite becoming required to safeguard the integrity of the business.

we've confidence in the executive board and anticipate it and all sorts of management teams to follow the announced program with vigour, the foundation stated. Thyssenkrupp has no time and energy to lose.

Thyssenkrupps stocks had been up over 12 % on Monday in Frankfurt, on reports for the planned restructuring.