Defence and security company Saab has today entered into an agreement with
ThyssenKrupp Industrial Solutions AG regarding the acquisition of ThyssenKrupp
Marine Systems AB (TKMS AB, formerly Kockums). The purchase price is MSEK 340.
This acquisition is in line with Saab’s ambition to increase its capabilities in
the naval domain. This move further strengthens Saab’s status as a comprehensive
supplier of military systems.
In April 2014, Saab and ThyssenKrupp Industrial Solutions AG signed a non
-binding Memorandum of Understanding regarding the acquisition of the Swedish
shipyard TKMS AB with operations based in Karlskrona, Malmö and Muskö, Sweden.
The parties have now agreed that Saab will acquire TKMS AB.
The purchase price is MSEK 340. Existing funds will be used to finance the
acquisition. The transaction’s effect on Saab’s result for 2014 is estimated to
be non-material. TKMS AB will be integrated into Saab’s business area Security
and Defence Solutions.
“We are looking forward to welcoming Kockums and its personnel to Saab. This
acquisition marks the start of a new era in Kockum’s notable history. The
knowledge that the employees possess for developing and producing submarines is
unique and strengthens all of Saab”, says Saab’s President and CEO Håkan Buskhe.
“Integration and development efforts will now begin to ensure that operations
reach their full capacity. It is important to achieve synergies with Saab’s
current naval business. This process must be allowed to take its course, but at
the same time we begin deliveries of development, maintenance and production
work to the Swedish market,” says Gunilla Fransson, Head of Business Area
Security and Defence Solutions.
TKMS AB designs, builds and maintains naval systems such as submarines and
surface vessels. Other successful products include air independent propulsion
(AIP) systems based on Stirling technology, submarine rescue vehicles and mine
counter measures systems. The company has approximately 900 employees and
supplies systems and products to the navies of Sweden, Australia and Singapore.
During the financial year 2012/2013, TKMS AB reported sales of approximately SEK
1.7 billion (2011/2012: SEK 1.9 billion) and income from operations of
approximately MSEK 34 (2011/2012: MSEK 13).
The transaction is subject to approval by the board and the supervisory bodies
of ThyssenKrupp Group and the Swedish Competition Authority. These approvals are
expected during July 2014. Thereafter the takeover of TKMS AB will be completed.
Saab serves the global market with world-leading products, services and
solutions ranging from military defence to civil security. Saab has operations
and employees on all continents and constantly develops, adopts and improves new
technology to meet customers’ changing needs.
For further information, please contact:
Saab Press Centre, +46 (0)734 180 018, firstname.lastname@example.org
Saab Investor Relations, +46 (0)734 187 214, Ann-Sofi Jönsson
The information is that which Saab AB is required to declare by the Securities
Business Act and/or the Financial instruments Trading Act. The information was
submitted for publication on June 29, 2014 at 22.00.
GlobeNewswire, a Nasdaq company, is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
2321 Rosecrans Avenue.
El Segundo, CA 90245 Phone: (800) 307-6627 Fax: (800) 307-3567
25 Basinghall Street,
London EC2V 5HA
UK Phone: +1 866-465-8454