Saab Completes Acquisition of TKMS (Kockums)

By Joseph R. Fonseca
Thursday, July 24, 2014

 

Defence and security company Saab's acquisition of the Swedish shipyard Thyssen Krupp Marine Systems (TKMS, formerly Kockums) has now been completed. The acquisition strengthens Saab's position as a comprehensive supplier of naval military systems.

The required decisions and approvals for Saab's acquisition of TKMS have now been granted. The company will become a business unit within Saab's business area Security and Defence Solutions. The business unit is named Saab Kockums. Saab expects operations will continue to be carried out primarily in Malmö, Karlskrona and Muskö.

In June, Saab and FMV signed a letter of intent regarding the Swedish armed forces' underwater capabilities. With the acquisition of TKMS, Saab, together with the Swedish authority, is able to ensure access to the existing knowledge and intellectual properties (IPR) necessary for continued development, production and maintenance in the underwater sector, for both the Swedish and the international markets.

"The acquisition is in line with our strategy to expand our offering and strengthen Saab's position in the market for naval systems. Kockums has a unique offering and a strong local presence in Sweden concerning submarines and warships. The acquisition makes us a complete supplier of naval military systems. We also see good potential to expand the company's current market position through opportunities in the export market," says Håkan Buskhe, president and CEO of Saab.

"We are now beginning the integration of Kockums with Saab, focusing on reaching full capacity, and we are starting work immediately with the orders placed by Sweden as well as deliveries to other existing customers. This will be followed by efforts to increase operational efficiency and profitability. This is key in order to be globally competitive in the long term. There are also good synergies to achieve with Saab's current naval operations," says Gunilla Fransson, head of Saab's business area Security and Defence Solutions.

TKMS designs, builds and maintains naval systems such as submarines and surface vessels. Other successful products include the air-independent Stirling propulsion system, submarine rescue vehicles and mine countermeasures systems. The company has approximately 850 employees and supplies systems and products to the navies of Sweden, Australia and Singapore. During the financial year 2012/2013, TKMS reported sales of approximately SEK 1.7 billion (2011/2012: SEK 1.9 billion) and income from operations of approximately MSEK 34 (2011/2012: MSEK 13).

The cost of the acquisition, which is financed by existing funds, amounted to MSEK 340. The impact of the transaction on Saab's results for 2014 is not considered to be significant.

 


Shipbuilding

Abu Dhabi Ship Building Commissions First Floating Dock

Abu Dhabi Ship Building PJSC (ADSB) has commissioned its first floating drydock located in Mina Zayed as the company looks to expand its commercial service offering.

NAT Names 2 New Tankers in South Korea

wo new tankers, Nordic Star and Nordic Space, were named August 24 for owner Nordic American Tankers Limited (NAT).   NAT founder and chairman Herbjørn Hansson was present at the naming ceremony,

Japanese Yards Mull Shipbuilding Alliance

Four major Japanese shipbuilders are in discussions to form an alliance in hopes of riding out the industry slump.   Mitsubishi Heavy Industries, Ltd. (MHI) announced

News

Abu Dhabi Ship Building Commissions First Floating Dock

Abu Dhabi Ship Building PJSC (ADSB) has commissioned its first floating drydock located in Mina Zayed as the company looks to expand its commercial service offering.

NAT Names 2 New Tankers in South Korea

wo new tankers, Nordic Star and Nordic Space, were named August 24 for owner Nordic American Tankers Limited (NAT).   NAT founder and chairman Herbjørn Hansson was present at the naming ceremony,

Wounded Lobsterman Medevaced near Cape Cope

An injured lobsterman was medically evacuated by U.S. Coast Guard helicopter crew Tuesday roughly 130 nautical miles east of Cape Cod.   At about 10:15 a.m.,

Eye on the Navy

This Day In Naval History: August 30

1923 - USS Colorado (BB 45) is commissioned. Notable during her pre-World War II service, she helps in the search for missing aviator, Amelia Earhart, in 1937. During WWII,

This Day In Naval History: August 29

1861 - During the Civil War, Seaman Benjamin Swearer lands with troops from the steam sloop of war, Pawnee, and takes part in the capture of Fort Clark, at Hatteras Inlet, N.

USS Freedom Suffers Casualty

The U.S. Navy's first littoral combat ship USS Freedom (LCS 1) experienced a casualty to one of its main propulsion diesel engines (MPDE) on July 11 reportedly

Mergers & Acquisitions

Japanese Yards Mull Shipbuilding Alliance

Four major Japanese shipbuilders are in discussions to form an alliance in hopes of riding out the industry slump.   Mitsubishi Heavy Industries, Ltd. (MHI) announced

Banks Halt Support for Hanjin

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said,

Jt Study by MOL, Yokohama University for Improving Ocean Shipping Market Forecast

Mitsui O.S.K. Lines, Ltd. today announced that the company and its subsidiary MOL Information Systems, Ltd. have signed a contract with Yokohama National University

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0948 sec (11 req/sec)