ThyssenKrupp closes sale of Blohm + Voss non-military operations

ThyssenKrupp AG has closed the sale of its civil shipbuilding operations to Britain's Star Capital Partners. The companies now owned by the British investment group are Blohm + Voss Shipyards, Blohm + Voss Repair (including Blohm + Voss Oil Tools) and Blohm + Voss Industries as well as their subsidiaries, In total, the businesses have around 1,500 employees.

Star Capital Partners will continue the operations at all sites and business group will continue to be run by the current management team headed by CEO Dr.-Ing. Herbert Aly.

ThyssenKrupp Marine Systems, with around 3,600 employees, will concentrate on military surface vessel and submarine construction in the future.

"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."

Star Capital says it will commit significant amounts of capital to the business to ensure that it is in a position to take advantage of growth opportunities in the future.

Tony Mallin, CEO of Star Capital, said: "We are pleased to have acquired a world class German engineering business; one in which we intend to invest by providing a significant capital commitment to drive growth and job creation".

Paul Gough, Partner at Star Capital, said: "We look forward to working in partnership with the Blohm & Voss management team and employees. Blohm & Voss is an excellent brand that we believe can be further developed on an international scale."

February 2, 2011