Kongsberg wraps up Hydroid sale
- Business & Finance
Kongsberg Maritime has completed the sale of its US-based underwater technology company Hydroid to Huntington Ingalls Industries (HII).
The two companies entered into $350-million sale and purchase agreement in February this year.
Back in 2007, Kongsberg Maritime acquired Hydroid for $80 million.
In connection with the transaction, Kongsberg Maritime and HII have entered into a strategic alliance agreement effective as of today.
The agreement relates to underwater technology from Kongsberg’s underwater environment in Horten, as well as a wider range of Kongsberg’s maritime solutions.
The deal aims to strengthen both parties’ abilities to sell their products and solutions to both US and global customers in the underwater segments.
The acquisition of Hydroid, based in Pocasset, Massachusetts, expands HII’s capabilities in the autonomous and unmanned maritime systems market.
Hydroid will become part of HII’s Technical Solutions Unmanned Systems business unit that now includes unmanned underwater vehicles (UUV) such as the Orca extra-large UUV that is produced in partnership with Boeing as well as Proteus, a large, dual-mode UUV operated out of Panama City, Florida.
With the addition of Hydroid, HII now has capabilities in the medium and small UUV space from the REMUS and Seaglider autonomous underwater vehicles (AUV) or marine robots.
“The combination of HII and Hydroid brings together the full range of UUVs,” said Andy Green, HII executive vice president and president of Technical Solutions. “Combined, we can now offer a comprehensive suite of autonomous underwater vehicle systems that address our customers’ needs. While this is a perfect complement to our existing UUV business, more importantly, it brings together brilliant and talented people who are at the leading edge of unmanned systems technology.”