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January 13, 2009

ThyssenKrupp buys out OEP stake in shipyards

This isn't so much about further consolidation in European shipbuilding as it is about tying up a loose end. Germany's ThyssenKrupp Technologies has become the sole owner of ThyssenKrupp Marine Systems AG, having bought out the 25 percent stake held by One Equity Partners (OEP).

The parties have agreed not to disclose the purchase price.

ThyssenKrupp Technologies says that, with this acquisition, it is systematically continuing its shipyards strategy and strengthening its market position. ThyssenKrupp Technologies acquired Atlas Elektronik jointly with EADS in August 2006 and the EADS marine electronics business was integrated into Atlas Elektronik.

ThyssenKrupp Marine Systems AG was formed in January 2005 through the merger of ThyssenKrupp Werften and the HDW group. ThyssenKrupp Technologies initially held 75 percent and OEP 25 percent of the shares in the shipyard alliance with locations in Germany, Sweden and Greece. Its German management companies are Howaldtswerke-Deutsche Werft, TKMS Blohm + Voss Nordseewerke and Blohm + Voss Shipyards & Services, with Kockums being its Swedish operation and Hellenic Shipyards its Greek operation.

ThyssenKrupp Marine Systems is one of the leading system suppliers in the international shipbuilding sector. Its activities focus on the development and building of submarines and surface naval vessels, civil shipbuilding, ship repair and conversion, and a range of services.

ThyssenKrupp Technologies thanks OEP for a cooperative partnership and the constructive role played by OEP as shareholder.


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