ThyssenKrupp in Talks to Sell Swedish Shipyard to Saab

George Backwell
Tuesday, April 15, 2014
A-26 Submarine: Rendering courtesy of Kockums

ThyssenKrupp is in talks to sell its Swedish marine defence unit to Saab after failing to reach a deal with Sweden for a new generation of submarines as the country tries to protect its defence manufacturing sector. The companies said on Monday that negotiations over the sale of ThyssenKrupp's Swedish shipyard with operations in Malmo, Karlskrona and Musko to Saab were at an early stage and that more information would follow.

Sweden had been seeking ways to share development costs with other potential buyers of its A-26 submarine but failed to agree on commercial terms with ThyssenKrupp, which also builds submarines in a separate business in Germany.

Sweden saw the German company as a potential obstacle to the growth of the Swedish business in favour of its German unit. The government asked Saab earlier this year to come up with a strategy to support Swedish submarine naval forces.

Defence analysts saw the move as opening the door for the Swedish defence company to build submarines instead.

Saab, said the deal was in line with its ambition to expand its naval activities and help Sweden meet its needs for the design, production and maintenance of submarines and warships. "An acquisition of ThyssenKrupp Marine Systems will enable Saab to meet this ambition," it said in a statement.

In a bid to build up its own submarine making ability, Saab has poached dozens of key staff from ThyssenKrupp's Swedish business in recent months, said sources at both firms, declining to be identified as they were not authorised to speak publicly on the matter.

ThyssenKrupp Marine employs around 1,000 staff in Sweden, mainly in the southern Swedish cities of Malmo and Karlskrona. The Marine Systems unit, which also makes naval ships, posted sales of 1.33 billion euros last year.

Swedish investment firm Investor AB owns a 30 percent stake in Saab, whose shares were down 1.2 percent at 1322 GMT compared with a broadly unchanged Stockholm blue-chip bourse index.

(By Mia Shanley and Bjorn Rundstrom, additional reporting by Maria Sheahan in Frankfurt; editing by Tom Pfeiffer)
 

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Shipbuilding

NASSCO Lays Keel for Jones Act Tanker Liberty

U.S. shipbuilder General Dynamics NASSCO hosted a keel laying ceremony on Thursday, May 26 for the Liberty, one of three new ECO Class Jones Act tankers under a

SAFE Boats Delivers First CIV for Air and Marine Operations

SAFE Boats International (SBI), a manufacturer of aluminum boats located in Bremerton, Wash., has completed the first Coastal Interceptor Vessel (CIV) on contract from U.

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Navy

US Hospital Ship Aids South Korean Sailor

A U.S. hospital ship conducted a medical evacuation, or “medevac”, May 27 to assist an ailing Republic of Korea sailor aboard a Republic of Korea Navy (ROK-N) submarine.

MAN 28/33D STC Engines for Thai Navy’s New OPV

The Royal Thai Navy has ordered a new 90-m offshore patrol vessel (OPV) to be constructed at Mahidol Adulyadej naval dockyard in Sattahip.  The newbuilding, an improved River-class design,

SCA Applauds Funding for New US Ships

The Senate Appropriations Committee this week acknowledged calls for increasing the Navy’s ship count, funding the construction of 10 new ships, as well as providing the U.

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Mergers & Acquisitions

Konecranes-Terex Deal to Proceed as Zoomlion Drops Rival Bid

China's Zoomlion Heavy Industry Science and Technology Co Ltd has abandoned its $3.4 billion bid for U.S. crane maker Terex Corp , clearing the way for a smaller

SCA Applauds Funding for New US Ships

The Senate Appropriations Committee this week acknowledged calls for increasing the Navy’s ship count, funding the construction of 10 new ships, as well as providing the U.

Tideland Signal Acquires Julius Signal

Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Sonar
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: 0.0977 sec (10 req/sec)