RAG
AG, formerly Ruhrkohle AG, is the largest
German coal mining corporation
A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and ...
. The company headquarters are in
Essen in the
Ruhr area
The Ruhr ( ; german: Ruhrgebiet , also ''Ruhrpott'' ), also referred to as the Ruhr area, sometimes Ruhr district, Ruhr region, or Ruhr valley, is a polycentric urban area in North Rhine-Westphalia, Germany. With a population density of 2,800/km ...
. The company was founded on 27 November 1968, consolidating several coalmining corporations into the Ruhrkohle AG.
On 12 September 2007 as a result of
restructuring
Restructuring is the corporate management term for the act of reorganizing the legal, ownership, operational, or other structures of a company for the purpose of making it more profitable, or better organized for its present needs. Other reasons ...
, the business areas of
chemicals
A chemical substance is a form of matter having constant chemical composition and characteristic properties. Some references add that chemical substance cannot be separated into its constituent elements by physical separation methods, i.e., wit ...
,
energy
In physics, energy (from Ancient Greek: ἐνέργεια, ''enérgeia'', “activity”) is the quantitative property that is transferred to a body or to a physical system, recognizable in the performance of work and in the form of hea ...
and
real estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...
were transferred to the new business entity
Evonik Industries AG
Evonik Industries AG is a stock-listed German specialty chemicals company headquartered in Essen, North Rhine-Westphalia, Germany. It is the second largest chemicals company in Germany, and one of the largest specialty chemicals companies in the ...
. Today, Evonik Industries are majority owned by the ''RAG-Stiftung'' (English: ''RAG-Foundation''), which uses corporate profits to finance the costs that arise due to the former mining activities in the
Ruhr region. 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. 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.
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.
[Arno Schuetze (January 10, 2015)]
RAG Foundation in no hurry to place Evonik shares - CFO
''Reuters
Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world.
The agency was esta ...
''.
References
External links
RAG Global Site(in
German and
English
English usually refers to:
* English language
* English people
English may also refer to:
Peoples, culture, and language
* ''English'', an adjective for something of, from, or related to England
** English national ide ...
)
RAG Foundation(in German and English)
Evonik Industries AG(in German and English)
{{Authority control
Coal companies of Germany
Companies based in Essen