Kongsberg Maritime AS has signed an agreement to sell its underwater technology company Hydroid, Inc. for $350 million to shipbuilder Huntington Ingalls Industries (NYSE: HII). The agreement provides that, as of closing, the parties will enter into a strategic alliance agreement concerning underwater technology and maritime solutions.
Kongsberg Maritime acquired Hydroid for $80 million in 2007.
“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.
Hydroid, based in Pocasset, Mass., will become part of HII’s Technical Solutions division.
HII says the acquisition of Hydroid expands its capabilities in the strategically important and rapidly growing autonomous and unmanned maritime systems market.
“We are very excited about bringing Hydroid into the HII family and establishing a strategic alliance with Kongsberg Maritime,” said Mike Petters, HII’s president and CEO. “Hydroid’s advanced capabilities and reputation for excellence in autonomous and unmanned maritime systems provide the perfect complement to our existing unmanned operations, including Proteus in Panama City and our partnership with Boeing to produce the Orca XLUUV. This transaction, along with the strategic alliance with Kongsberg Maritime, demonstrates our long term commitment to the U.S. Navy, the U.S. Coast Guard and our national security customers and allies globally.”
HHI says that Hydroid is a field-proven technology leader in advanced marine robotics. Since 2001, its REMUS line of unmanned underwater vehicles (UUV) has provided innovative, rapidly deployable solutions for use in defense, marine research and commercial applications. Hydroid specializes in UUV design, engineering, production and support.