Jun. 30, 2014, 11:55 AM
- 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.
Apr. 14, 2014, 9:11 AM
- Saab (SAABF) says it is in preliminary talks to buy ThyssenKrupp's (TYEKY, TYEKF) Swedish shipyard, underscoring its bid to become a serious player in the submarine and naval ships business.
- Neither company discloses the potential value of the deal, saying negotiations are at an early stage; ThyssenKrupp Marine Systems, formerly known Kockums, had a total revenue of 1.68B Swedish kroner ($256M) in 2013.
- Saab, unaffiliated with the car company with the same name, is best known for building fighter jets and other defense systems.
Currently, there's no company description for SAABF.