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RAGAG,formerly Ruhrkohle AG, is the largestGermancoal miningcorporation.The company headquarters are inEssenin theRuhr area.The company was founded on 27 November 1968, consolidating several coal mining corporations into the Ruhrkohle AG.
 | |
| Company type | Public(Aktiengesellschaft) |
|---|---|
| Industry | mining |
| Predecessor | Michelwerke Steag  |
| Founded | 1968 |
| Headquarters | Essen,Germany |
Key people | Peter Schrimpf, CEO |
| Products | coal mining |
Number of employees | 37,000 (2005) |
| Website | www.rag.de |
On 12 September 2007 as a result ofrestructuring,the business areas ofchemicals,energyandreal estatewere transferred to the new business entityEvonik Industries AG.Today, Evonik Industries are majority owned by theRAG-Stiftung(English:RAG-Foundation), which uses corporate profits to finance the costs that arise due to the former mining activities in theRuhrregion. The foundation plans on using about 220 million euro per year from 2019 to maintain abandoned coal mines, which mainly involves pumping out the ground water that destabilises tunnels.[1]Since its board of trustees is dominated by federal and regional government officials as well as unions, RAG Foundation is also keen to secure Evonik's more than 20,000 jobs in Germany.[2]
By June 2014, the foundation received the approval from its board of trustees to cut its Evonik stake to 60 percent over the medium term.[3]
References
edit- ^Matthias Inverardi and Ludwig Burger (June 4, 2014),Germany's RAG maps out steps for cutting Evonik stakeReuters.
- ^Matthias Inverardi and Ludwig Burger (June 4, 2014),Germany's RAG maps out steps for cutting Evonik stakeReuters.
- ^Arno Schuetze (January 10, 2015),RAG Foundation in no hurry to place Evonik shares - CFOReuters.
External links
edit
- RAG Global Site(inGermanandEnglish)
- RAG Foundation(in German and English)
- Evonik Industries AG(in German and English)