Sweden’s Saab on Monday said it has formally agreed to acquire shipbuilder ThyssenKrupp Marine Systems AB for $50.8 million, expanding its presence in naval ships and systems.
Saab acquired the Swedish shipyard, which was previously known as Kockums, from ThyssenKrupp Industrial Solutions. The two companies in April signed a non-binding memorandum of understanding for the acquisition.
Saab said the deal, which is expected to close this month, will be immaterial to its 2014 financial results. ThyssenKrupp Marine, which has about 900 employees, had $254 million in sales in 2013.
“This acquisition marks the start of a new era in Kockum’s notable history,” Hakan Buskhe, Saab’s president and CEO, said in a statement. “The knowledge that the employees possess for developing and producing submarines is unique and strengthens all of Saab.
ThyssenKrupp Marine will be integrated into Saab’s Security and Defence Solutions business area.