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FINANCIAL NEWS
Abu Dhabi AMR inks deal with ThyssenKrupp
14 Apr 2010
(MENAFN) Abu Dhabi MAR, a leading shipbuilding group, has signed a strategic agreement with ThyssenKrupp Marine Systems for the acquisition of its Blohm + Voss businesses in Germany, Reuters reported.
The contract includes the acquistion of Blohm + Voss Shipyards in Hamburg and the civil shipbuilding facilities of the former HDW Gaarden including employees in Kiel, said the companies at the signing ceremony.
Abu Dhabi MAR said it will also acquire an 80 percent stake in each of Blohm + Voss Repair and Blohm + Voss Industries, both based in Hamburg. However, the value of the deal was not disclosed.
The two companies also agreed on a close strategic partnership, which will involve the establishment of a 50:50 strategic partnership for the areas of design and project management in naval surface shipbuilding.
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