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Saab completes acquisition of TKMS AB (Kockums)


Tuesday, 22 Jul 2014 06:00am EDT 

Saab AB:Defence and security company Saab's acquisition of Swedish shipyard Thyssen Krupp Marine Systems AB (TKMS AB formerly Kockums) has now been completed.Acquisition strengthens Saab's position as a comprehensive supplier of naval military systems.Required decisions and approvals for Saab's acquisition of Thyssen Krupp Marine Systems AB (TKMS AB) have now been granted.Says it will become business unit within Saab's business area Security and Defence Solutions.Business unit is named Saab Kockums. Saab expects that operations will continue to be carried out primarily in Malm√∂, Karlskrona and Musk√∂.In June, Saab and FMV signed a Letter of Intent regarding Swedish armed forces' underwater capabilities.With the acquisition of TKMS AB, Saab, together with Swedish authority, is able to ensure access to existing knowledge and intellectual properties (IPR) necessary for continued development, production and maintenance in underwater sector for both Swedish and the international markets.Cost of acquisition, which is financed by existing funds, amounted to MSEK 340.Impact of transaction on Saab's results for 2014 is not considered to be significant. 

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