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