German steelmaker ThyssenKrupp has announced that it has entered into an agreement with the Swedish defense group Saab on the sale of Swedish shipyard ThyssenKrupp Marine Systems AB with facilities in Malmö, Karlskrona and Muskö, Sweden.
According to ThyssenKrupp, the purchase price is SEK 340 million (€37 million). The transaction is subject to the approval of the board and supervisory bodies of ThyssenKrupp as well as the Swedish Competition Authority.
ThyssenKrupp is focusing its naval shipbuilding activities in Kiel, Hamburg and Emden. These activities are highly cash generative and contribute reliably to the company's earnings. The Swedish shipyard has been generating substantial losses for years.