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.
Dec. 1, 2013, 2:35 AM
- ThyssenKrupp (TYEKY, TYEKF) CEO Heinrich Hiesinger expects U.S. antitrust authorities to scrutinize his company's $1.55B sale of its troubled steel mill in Alabama to ArcelorMittal (MT) and Nippon Steel & Sumitomo Metal (NSSMY).
- "Considering the already dominant market position of ArcelorMittal in the U.S. (auto steel) market, it is likely that authorities will take their time to look into this transaction," Hiesinger said.
- ArcelorMittal doesn't expect to encounter problems getting the deal approved even though the company controls almost 40% of the market for North American auto steel.
Nov. 19, 2013, 5:28 PM
- ThyssenKrupp (TYEKY) said it is in exclusive negotiations on the sale of its Alabama steel plant. ArcelorMittal's (MT +0.6%) CFO recently expressed interest in the operation.
- The German steelmaker has been shopping the plant, as well as its Brazilian mills, for over a year and a half - they have hurt its bottom line and sapped capital for years.
Dec. 13, 2012, 5:21 AMArcelorMittal (MT) CEO Lakshmi Mittal confirms the company could be interested in acquiring ThyssenKrupp's (TYEKF.PK) steel plant in Alabama. Credit Suisse's Michael Shillaker reckons that buying the facility, likely to fetch $1B-1.5B, "could be a smart move," but probably would add to MT's high net debt. On France, where MT has had its problems, Mittal says it's still a "place we can do business" in. | Comment!
Oct. 2, 2012, 4:52 AMThyssenKrupp (TYEKF.PK) is considering selling its two-year old $5B high-tech steel plant in Alabama and its $6.8B facility in Brazil after a strategy to transport slabs from the latter facility for processing into high-grade sheets in the U.S. factory led to massive losses. Those officially or unofficially interested in the Alabama plant include Nucor (NUE), U.S. Steel (X) and ArcelorMittal (MT). | 1 Comment
Jan. 31, 2012, 6:20 AM
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