Saab Acquired ThyssenKrupp Marine Systems AB

Defense and security company Saab acquired ThyssenKrupp Marine Systems AB (TKMS AB, formerly Kockums) at SEK 340 million (around €37 million).

In April 2014, Saab and ThyssenKrupp Industrial Solutions AG signed a non-binding MoU 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. 

TKMS AB will be integrated into Saab’s business area Security and Defense 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. 

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.