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FRANKFURT, May 14 (Reuters) - Thyssenkrupp's planned stock market flotation of its elevator business is unlikely to happen this year but could take place in 2020, a senior union official said on Tuesday.
The elevator unit, whose initial public offering (IPO) would provide a much needed cash boost to the group, saw operating margins fall in the second quarter due to higher material costs, ThyssenKrupp said earlier.
Knut Giesler, a regional head of Germany's powerful IG Metall union also said that labour representatives have agreed with the company's management that there will be no forced lay-offs until end of the year and no sites would be shut down. (Reporting by Tom Käckenhoff Writing by Arno Schuetze Editing by Alexander Smith)