Company News, 2014-06-29, 10:06 PM
ThyssenKrupp and Saab agree on sale of Swedish shipyard activities ThyssenKrupp Marine Systems AB (formerly Kockums)
ThyssenKrupp Industrial Solutions AG, a company of ThyssenKrupp Group, and Saab AB today entered into an agreement on the sale of Swedish shipyard ThyssenKrupp Marine Systems AB (formerly Kockums) with facilities in Malmö, Karlskrona and Muskö. The purchase price is SEK 340 million (around €37 million). The transaction is subject to the approval of the board and supervisory bodies of the ThyssenKrupp Group as well as the Swedish Competition Authority.
In April 2014, the two companies signed a non-binding Memorandum of Understanding on the acquisition of the Swedish shipyard, which has generated substantial losses for years. ThyssenKrupp Industrial Solutions has been pursuing the sale in line with the Swedish government’s publicly stated preference for national naval shipbuilding programs.
ThyssenKrupp is focusing its naval shipbuilding activities in Kiel, Hamburg and Emden. These activities are highly cash generative and contribute reliably to the company’s earnings. With its proprietary air-independent HDW fuel cell propulsion system, ThyssenKrupp Marine Systems is the clear world market leader in the field of non-nuclear submarines.