Saab buys submarine builder ThyssenKrupp Marine

|About: Saab AB (SAABF)|By:, SA News Editor

Saab (SAABF) agrees to acquire ThyssenKrupp's (TYEKY, TYEKF) Swedish marine defense unit for 340M kroner ($50.5M), expanding its business to manufacturing submarines and stealth technology corvettes.

Saab and ThyssenKrupp have been in talks since April over the purchase, after the Swedish government said it wanted to ensure that it had domestic submarine-production capability.

Saab hasn't built manned submarines, although it has other naval activities, including production of unmanned underwater vehicles.