By
Michele Witthaus |
ThyssenKrupp Marine Systems has announced it is selling its civil shipbuilding operation to investment fund management company Star Capital Partners and plans to concentrate on military surface vessel and submarine construction in the future.
The sale to the UK-based company is the culmination of a strategic development programme announced by ThyssenKrupp in May, comprising portfolio optimisation, change management and performance enhancement. As part of the programme, the civil shipbuilding activities of ThyssenKrupp Marine Systems are to be sold through a purchase and sale agreement signed with Star Capital Partners on 11 December. Businesses included in the sale are 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, commented: “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.”
Subject to the approval of the supervisory bodies and competition authorities and compliance with Germany’s Foreign Trade Law (AWG), the transaction is expected to be closed in the first quarter of 2012.