ThyssenKrupp signs agreement to sell Blohm + Voss civil operations

BlohmVossduoGermany's ThyssenKrupp AG reports that it signed a purchase and sale agreement with U.K.-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, said: "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.

December 12, 2011

Want more? Subscribe now!

News from NASDAQ