Tuesday, December 13, 2011

ThyssenKrupp Concentrates Shipbuilding on Military Sector

BONN, Germany - ThyssenKrupp AG will concentrate its Marine Systems on military surface ship and submarine building in the future, the company announced Dec. 12, adding that it will sell all its civil shipbuilding activities to British company Star Capital Partners.
The contract, signed with the London-based financial investor company on Dec. 11, includes the large yard builder Blohm + Voss Shipyards, Blohm + Voss Repair, Blohm + Voss Oil Tools and Blohm + Voss Industries, including its subsidiaries. According to ThyssenKrupp, the new investor wants to continue the business at all sites.
"The sale is an essential step to further focus the activities of ThyssenKrupp Marine Systems," Hans Christoph Atzpodien, CEO of ThyssenKrupp Marine Systems AG, said in a news statement. "At the same time, with the new owner, an important course-setting to secure the work places and the future of the shipbuilding at the locations of Blohm + Voss has been taken for the employees."
The deal still has to be approved by oversight committees. ThyssenKrupp expects the deal to be completed at the end of the first quarter of 2012. The transaction reflects its strategic development concept unveiled May 13. It is supposed to improve the Essen-based company's competitive position and offer a sustainable future.
In August, there had been media speculation about a joint venture involving ThyssenKrupp Marine and French ship-building group DCNS. This was strongly denied by the German company at that time, which said that it saw little promise of close cooperation in the submarine or surface naval vessel sector.

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