October 8, 2004

German yard merger deal signed

Germany's ThyssenKrupp yesterday inked an agreement with One Equity Partners (OEP) that will see ThyssenKrupp Werften and Howaldtswerke-Deutsche Werft (HDW) merge to form a new group under the control of ThyssenKrupp Marine Systems AG.

OEP will contribute all its HDW shares to ThyssenKrupp Marine Systems.

The new group includes Howaldtswerke-Deutsche Werft AG, Kiel; HDW-Nobiskrug GmbH, Rendsburg; Blohm + Voss GmbH and Blohm + Voss Repair GmbH, Hamburg; Nordseewerke GmbH, Emden; as well as Kockums AB, Sweden; and Hellenic Shipyards S.A., Greece.

Combined annual sales are in the region of 2.2 billion euros, the present workforce numbers 9,300.

The agreement stipulates that in return for the 100 percent in HDW AG, OEP receives a 25-percent stake in ThyssenKrupp Marine Systems AG plus a payment of 220 million euros to be funded from the cash resources of the new shipyard group.

ThyssenKrupp holds a 75-percent stake in ThyssenKrupp Marine Systems and will assume all the industrial management functions.

ThyssenKrupp Marine Systems AG is to be headquartered in Hamburg. Its CEO is Dr. Klaus Borgschulte, Executive Board member of ThyssenKrupp Technologies AG and presently Management Board Chairman of ThyssenKrupp Werften GmbH.

The merger will be consummated as soon as the relevant supervisory boards and antitrust authorities have given their go-aheads.

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