ThyssenKrupp Technologies and EADS signed a Memorandum of Understanding. Thus, both companies are now a team in the bidding process for Atlas Elektronik, a subsidiary of BAE systems, and are submitting a joint bid. According to the agreement, ThyssenKrupp Technologies will keep 60 percent of Atlas and EADS 40 percent.

"Our subsidiary ThyssenKrupp Marine Systems concentrates the core competence of the German naval shipbuilding in the fields of conventional submarines and surface vessels", explained Dr. Olaf Berlien, President and CEO of ThyssenKrupp Technologies.

EADS contributes its core competence as system partner of the shipbuilding industry. "We are ready to make a significant contribution to the consolidation of the German ? and future European - naval systems business. Together, we want to secure competitiveness in this key technology area", said Dr. Stefan Zoller, CEO of EADS Defence & Security Systems Division.

Bremen will continue to be site and headquarters of Atlas Elektronik and it is to be strengthened.

With 1,750 employees, Atlas Elektronik is an established market leader in the development of integrated sonar systems for submarines and a supplier of ThyssenKrupp Marine Systems.