Germany: ThyssenKrupp Marine Systems Sells Civil Shipbuilding Operation
On May 13, 2011 ThyssenKrupp AG decided on an integrated strategic development program to move the Group forward competitively and sustainably. It encompasses portfolio optimization, change management and performance enhancement. In connection with the portfolio optimization, the Group will be divesting businesses for which there are stronger alternative strategic options.
With regard to the civil shipbuilding activities of ThyssenKrupp Marine Systems, ThyssenKrupp signed a purchase and sale agreement with UK-based Star Capital Partners on December 11, 2011. The sale concerns the companies Blohm + Voss Shipyards, Blohm + Voss Repair (including Blohm + Voss Oil Tools) and Blohm + Voss Industries as well as their subsidiaries. Star Capital Partners will continue the operations at all sites. Dr. Hans Christoph Atzpodien, CEO of ThyssenKrupp Marine Systems AG: “The sale is an important step in further focusing the activities of ThyssenKrupp Marine Systems. At the same time, the change of owner will help secure jobs and the future of shipbuilding at the various Blohm + Voss sites.”
The transaction is subject to the approval of the supervisory bodies and competition authorities and to approval under Germany’s Foreign Trade Law (AWG).
The closing is expected to take place in the first quarter 2012.
ThyssenKrupp will concentrate on military surface vessel and submarine construction in the future.
World Maritime News Staff, December 12, 2011; Image: BlohmVoss