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Capital market-relevant press releases, 2004-10-08, 02:00 AM

German shipyard alliance forged - ThyssenKrupp and OEP sign agreement to merge ThyssenKrupp Werften and HDW

ThyssenKrupp und One Equity Partners (OEP) signed an agreement on October 7, 2004, regarding the formation of an alliance of shipyards according to which ThyssenKrupp Werften and Howaldtswerke-Deutsche Werft (HDW) will merge to form a new group under the command of ThyssenKrupp Marine Systems AG. For this purpose, OEP will contribute to ThyssenKrupp Marine Systems its entire shares in HDW. The new group includes all major holdings, viz. Howaldtswerke-Deutsche Werft AG, Kiel; HDW-Nobiskrug GmbH, Rendsburg; Blohm + Voss GmbH and Blohm + Voss Repair GmbH, Hamburg; Nordseewerke GmbH, Emden; as well as Kockums AB, Sweden; and Hellenic Shipyards S.A., Greece. Combined annual sales are in the region of 2.2 billion euros, the present workforce numbers 9,300.

The agreement stipulates that in return for the 100 percent in HDW AG, OEP receives a 25-percent stake in ThyssenKrupp Marine Systems AG plus a payment of 220 million euros to be funded from the cash resources of the new shipyard group. ThyssenKrupp holds a 75-percent stake in ThyssenKrupp Marine Systems and will assume all the industrial management functions.

ThyssenKrupp Marine Systems AG is to be headquartered in Hamburg. Its CEO is Dr. Klaus Borgschulte, Executive Board member of ThyssenKrupp Technologies AG and presently Management Board Chairman of ThyssenKrupp Werften GmbH.

The merger will be consummated as soon as the relevant supervisory boards and antitrust authorities have given their go-aheads.


ThyssenKrupp Technologies AG
Anja Gerber
Corporate Public Relations
Tel. +49 (201) 106-3264
Fax +49 (201) 106-3265

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