FRANKFURT -- German conglomerate ThyssenKrupp on Monday ruled out a complete disposal of its automotive division, denying a report in German weekly magazine Focus.
"We are not planning the sale of the entire segment Automotive," a spokesman for the company said, adding that ThyssenKrupp was, however, considering the closure or sale of individual plants.
The conglomerate, which is constantly in the process of optimizing its portfolio, suffered a 78 percent collapse in earnings to just 38 million euros ($45.56 million) before taxes at its Automotive division in the first nine months.
The magazine said ThyssenKrupp was planning to sell all or parts of Automotive such as its U.S. car-part supplier ThyssenKrupp Budd, citing company sources.
ThyssenKrupp Automotive supplies steering systems, engine components as well as axle and chassis systems. The division has been hurt in particular by its high dependence in North America on orders from the Big 3 carmakers.
Its North American Body & Chassis unit swung to a loss in the third quarter mainly due to a further decline in workloads at its stamping plants and a 28-million-euro impairment charge at one of these plants.
In August, ThyssenKrupp's finance chief, Stefan Kirsten, told analysts that he still expected a restructuring charge of up to 100 million euros to be posted in the fiscal year that ended in September.