LINKÖPING, Sweden - Saab has completed its acquisition of ThyssenKrupp Marine Systems AB (TKMS AB, formerly Kockums) for SEK340 million renaming the operation Saab Kockums.
The acquisition was pursued after a falling out over price and submarine exports between Sweden and ThyssenKrupp. As a result, Sweden pulled A26 submarine work from the firm and tasked Saab with coming up with a plan for the country to maintain an indigenous submarine-production capability. Under the $50.5 million deal, Saab will acquire operations in Malmö, Karlskrona, and Muskö and add around 900 employees.
TKMS AB designs, builds and maintains naval systems such as submarines and surface vessels. Other products include air independent propulsion (AIP) systems based on Stirling technology, submarine rescue vehicles and mine counter measures systems.
The company supplies systems and products to the navies of Sweden, Australia and Singapore. During the financial year 2012/2013, TKMS AB reported sales of approximately SEK1.7 billion (2011/2012: SEK1.9 billion) and income from operations of approximately SEK34 million (2011/2012: SEK13 million). The company will become a business unit within Saab's business area Security and Defence Solutions.
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