Company News, 2006-08-03, 03:40 PM
Joint takeover of Atlas successfully closed
With the closing successfully concluded on August 3, 2006, the takeover of Atlas Elektronik has now been consummated. In the first phase of the deal, ThyssenKrupp and EADS acquire 60- and 40-percent stakes in Atlas Elektronik, respectively. In a second step, to take place in the near future, EADS will integrate its entire maritime electronics business into Atlas Elektronik, after which ThyssenKrupp will hold 51 percent and EADS 49 percent of the shares.
The takeover will permit the two owners to bundle their capabilities in both naval platform and electronics/systems business with a view to creating a strong naval electronics and systems company. The joint acquisition and the contribution of EADS's naval business will do much to strengthen Atlas Elektronik at its Bremen location.
With a workforce of 1,750, Atlas Elektronik is a leader in the market for electronics and systems, specifically used in naval forces equipment and systems. The company has a well-balanced technology base and a product range for both submarines and surface vessels. It is foremost in the market for developing integrated sonar systems for submarines and has for many years acted as a ThyssenKrupp Marine Systems supplier and systems partner.
ThyssenKrupp Marine Systems is a systems supplier commanding a strong position in naval shipbuilding and combines the core capabilities of the German naval shipbuilding sector both in conventional submarines and surface vessels, especially frigates and corvettes.
EADS is contributing its core capabilities as a supplier of electronics and systems for the shipbuilding sector, capabilities that will strengthen the joint business and make it more competitive.
Atlas Elektronik's Management Board is chaired by Manfred Meyersieck, other Management Board members being Kai Horten and Dieter Rottsieper.