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ThyssenKrupp Marine Systems sells civil shipbuilding operation to Star Capital Partners

Thursday, 02 February 2012 | 00:00
ThyssenKrupp AG decided on an integrated strategic development program to move the Group forward competitively and sustainably. It encompasses portfolio optimization, change management, and performance enhancement. In connection with the portfolio optimization, the Group will be divesting businesses for which there are stronger alternative strategic options.
After the signing of the agreement with Star Capital Partners on December 11, 2011 and the approval of the supervisory bodies and competition authorities and approval under Germany's Foreign Trade Law (AWG), the closing of the transaction took place on January 31, 2012. The companies Blohm + Voss Shipyards, Blohm + Voss Repair (including Blohm + Voss Oil Tools) and Blohm + Voss Industries as well as their subsidiaries and in total circa 1,500 employees have therefore now been transferred to the British financial investor.
Star Capital Partners will continue the operations at all sites. Furthermore, the business group will continue to be run by the current management team headed by CEO Dr.-Ing. Herbert Aly.
"The sale is an important step in further focusing the activities of ThyssenKrupp Marine Systems," says Dr. Hans Christoph Atzpodien, CEO of ThyssenKrupp Marine Systems AG, "the restructuring of the shipyards is now for the most part completed."
ThyssenKrupp Marine Systems with now approx. 3,600 employees will concentrate on military surface vessel and submarine construction in the future.
ThyssenKrupp is a diversified industrial group. It has 180,000 employees in over 80 countries developing ideas and innovations into solutions for sustainable progress. In fiscal year 2010/2011 ThyssenKrupp generated sales of €49 billion.
For us innovations and technical progress are key factors in managing global growth and using finite resources in a sustainable way. With our engineering expertise in the areas of "Material", "Mechanical" and "Plant", we enable our customers to gain an edge in the global market and manufacture innovative products in a cost and resource efficient way.
Source: Thyssen Krupp AG
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