Germany's Thyssenkrupp expects the coronavirus crisis to cause a new financial squeeze, scuppering hopes that selling its elevator business would deliver a swift cash respite for the embattled firm, its management board told staff in a letter.
The elevator division was sold in February to ease financial pressure on the conglomerate which has struggled for years after ill-fated investments. But the coronavirus crisis has dealt a blow before cash from that sale arrives in June.Sources said last week that Thyssenkrupp had secured about 1 billion euros in state aid to tide it over until sale proceeds arrive.
"We are preparing solutions for this," according to the April 30 letter signed by Chief Executive Martina Merz that was seen by Reuters and first reported by German daily Handelsblatt. Car makers and suppliers have scrambled to shore up their liquidity as sales in Europe tumbled by more than 50per cent in March.
Every industry seeing a coronavirus cash squeeze though.
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