ThyssenKrupp Says Submarines Part of Growth Story

Germany's Thyssenkrupp sees its submarine business as making an important contribution to its growth targets, the head of its Industrial Solutions business area said on Tuesday.

 

"The submarine business is part of our growth story," Hans Christoph Atzpodien told journalists at a briefing, responding to questions about whether the unit was a good fit in the steel-to-elevators industrial group.

 

Atzpodien said his business area - which ranges from plant engineering to naval vessel building - aimed to reach its sales target of 8 billion euros ($8.95 billion) roughly by the end of the decade.

 

He added that Industrial Solutions' operating profit margin target of 6-7 percent, which it has already reached, was "a little conservative" given his intention to raise the proportion of higher-margin service revenues to about 20 percent from 13 percent now.