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Thyssenkrupp could exit naval vessels unit: Handelsblatt
Posted on Friday, 08 June 2018 14:14
German conglomerate Thyssenkrupp is considering offloading its marine systems unit, according to Handelsblatt.

Citing people with knowledge of the matter, the news provider said the firm could offload the business, either partially or in its entirety, and that discussions with potential suitors are underway.

According to the sources, if the company is unable to find a buyer for the business, known as Thyssenkrupp Marine Systems, it will be wound down.

Handelsblatt noted that Thyssenkrupp’s submarine division is also being mooted as for sale.

For its part, the company has declined to make any statement on the matter, telling Reuters it does not comment on market speculation.

According to Zephyr, the M&A database published by Bureau van Dijk, Thyssenkrupp’s most recent sale completed in February 2016, when it divested Spanish steel products wholesaler Cimex Nor to Lamincer for an undisclosed consideration.

This was preceded by the offloading of Finnish elevator and escalator repair and maintenance company ThyssenKrupp Hissit, which was picked up by Espoo-headquartered Kone in March 2016.

Thyssenkrupp Marine Systems describes itself as one of the leading system providers for non-nuclear submarines and high-end naval vessels and was established through the merger of Howaldtswerke-Deutsche Werft (HDW) and Blohm+Voss Naval in January 2013.

It operates from sites in Kiel, Hamburg, Bremen and Emden.

The subsidiary’s operations are divided into four segments: submarines, surface vessels, naval electronic systems and services.

Zephyr shows that there have already been 43 deals targeting ship building and repairing services announced worldwide since the beginning of 2018.

Of these, the largest is worth USD 1.32 billion and took the form of a capital increase as Samsung Heavy Industries conducted a rights issue back in January.

Other companies in the sector to have been targeted during the year to date include Shanghai Waigaoqiao Shipbuilding, CSSC Huangpu Wenchong Shipbuilding and Baltiiskii Zavod.

© Zephus Ltd