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Ship ahoy!

April 14, 2014

German heavy industry giant ThyssenKrupp has said it's negotiating a withdrawal from shipbuilding in Sweden. The Scandinavian nation said it wanted to concentrate the naval vessel business in national hands.

https://p.dw.com/p/1BhQ6
ThyssenKrupp headquarters in Essen, Germany
Image: Reuters

German steel maker ThyssenKrupp reported April 14 it was at an early stage of negotiations with Sweden's defense company Saab AB on the sale of its shipbuilding business in the Scandinavian nation.

It said both Saab AB and ThyssenKrupp Industrial Solutions had signed a declaration of intent to hammer out a sales deal which could find the approval of regulators.

ThyssenKrupp added at the center of the deal would be the sale of its Sweden-based shipyard Marine Systems in Malmo, Karlskrona and Muskö. The German firm noted that the sale would go hand in hand with the Swedish government's desire to make naval vessel building an all-national undertaking.

Profit targets not endangered

ThyssenKrupp officials said the solution envisaged by their company would entail safeguarding about 900 jobs.

ThyssenKrupp CEO sees engineering future

The German firm noted it would in future focus on its naval vessel business at home in Kiel, Hamburg and Emden. The company said order books there were full enough to ensure high utilization and employment until 2020.

ThyssenKrupp had said earlier in the year it was sticking to its full-year targets despite a loss in the first quarter, adding that apart from Steel Americas all business areas would make a positive contribution.

hg/dr (dpa, AFP)