ThyssenKrupp Industrial Solutions AG, a subsidiary of ThyssenKrupp Group, and Saab AB have entered into an agreement regarding the sale of Swedish shipyard ThyssenKrupp Marine Systems AB (formerly Kockums).

The shipyard has facilities in Malmö, Karlskrona and Muskö.

The purchase price is SEK340m (approximately €37m). The transaction is subject to the approval of the board and supervisory bodies of the ThyssenKrupp Group and the Swedish Competition Authority.

In April, the two companies signed a non-binding memorandum of understanding for the shipyard, which has generated substantial losses over the years.

ThyssenKrupp Industrial Solutions has been pursuing the sale, in line with the Swedish Government’s publicly stated preference for national naval shipbuilding programmes.

The company is focusing its naval shipbuilding activities in Kiel, Hamburg and Emden. These activities are highly cash generative and contribute to the company’s earnings.

With its proprietary air-independent HDW fuel cell propulsion system, ThyssenKrupp Marine Systems is a world market leader in the field of non-nuclear submarines.