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Capital market-relevant press releases, 2004-05-17, 02:00 AM

First step toward the merger of German naval shipbuilding - Declaration of intent signed

ThyssenKrupp and One Equity Partners (OEP) signed a non-binding declaration of intent on May 16, 2004. Under this declaration, ThyssenKrupp Werften and Howaldtswerke-Deutsche Werft (HDW) will be merged to form a new group under the management of ThyssenKrupp Werften GmbH. OEP will transfer all its shares in HDW to ThyssenKrupp Werften GmbH. A company group, including Blohm + Voss GmbH and Blohm + Voss Repair GmbH, Hamburg, Nordseewerke GmbH, Emden, Howaldtswerke-Deutsche Werft AG, Kiel, Kockums AB, Sweden, and Hellenic Shipyards Co., Greece, will be created under a new name. The new shipyard group represents a sales volume of around 2.2 billion euros and will employ approx. 9,300 staff.

According to the declaration of intent, OEP will receive 25% of the shares in the shipyard group and 240 million euros in cash in exchange for 100% of the shares in HDW AG. 170 million euros of this will be financed from cash funds of the current ThyssenKrupp Werften group. ThyssenKrupp Technologies will pay an additional 70 million euros to gain a 75% stake and the right to full industrial management of the new shipyard group.

The shipyards involved are technology leaders in the construction of conventional submarines and modern surface naval vessels. The merger will create a systems house with strong positions in naval shipbuilding. The shipyards have already worked together successfully on projects in the past. In addition, the company group will also remain active in the merchant sector.

Both partners agree that major synergies can be realized through the merger. The details of the integration are currently being finalized. With plans generally envisaging the retention of the three important German locations of Kiel, Emden and Hamburg, the concentration of development, sales and production activities is expected to yield major benefits.

The merger of the two shipyard groups follows the joint declaration of October 2000 by the German Chancellor, the Federal Defense Minister and companies in the armaments industry. In line with the shipyard strategy formulated by ThyssenKrupp AG, it represents a first step toward greater consolidation of European naval shipbuilding. ThyssenKrupp is prepared to be involved as a partner in such a solution at the appropriate time and under the right conditions.

Following the signing of the declaration of intent, further preparations for the merger are now being made. These include in particular the conducting of mutual due diligence reviews. Subject to approval by the relevant supervisory bodies of both partners and the responsible authorities, consummation of the merger is planned for autumn 2004.


Anja Gerber
ThyssenKrupp Technologies AG
Public Relations
Phone: +49 (201) 106-3264
Fax: +49 (201) 106-3265

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