Kongsberg Sells Hydroid to Huntington Ingalls Industries
- Business & Finance
Kongsberg Maritime has signed an agreement to sell its US-based underwater technology company Hydroid for USD 350 million to Huntington Ingalls Industries (HII).
Back in 2007, Kongsberg Maritime acquired Hydroid for USD 80 million.
“Kongsberg Maritime has driven technology development and created considerable value during the 12 years it has owned Hydroid, and we are capitalizing on this now. We are proud to have positioned Hydroid as a leading supplier of small and medium-sized autonomous underwater vessels in the market. We now look forward to work together with HII on new, maritime solutions and, at the same time, strengthening our world-leading underwater environment in Horten,” says Geir Håøy, president and CEO of the Kongsberg Group.
According to the agreement, the parties will enter into a strategic alliance at closing. It will combine the two companies’ complementary experience, expertise and technology. The aim of the agreement is to strengthen both parties’ abilities to sell their products and solutions to both US and global customers in the underwater segments.
“Kongsberg Maritime will continue to aggressively develop technology, including that related to our underwater expertise. We are the global leader in civilian-sector maritime technology, while HII is the world’s largest supplier of navy vessels. This alliance will allow a wider range of our maritime solutions for both naval and civilian usage in the United States and the rest of the world,” says Egil Haugsdal, CEO of Kongsberg Maritime.