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ThyssenKrupp's Abu Dhabi ship deals fall apart

Frankfurt, July 1, 2011

ThyssenKrupp , Germany's biggest steelmaker, said a deal for Abu Dhabi MAR (ADM) to buy its Blohm + Voss civilian shipbuilding assets has fallen apart.

ThyssenKrupp -- which also builds submarines, mega-yachts, engineering plants and elevators -- said on Friday a separate planned joint venture with ADM to sell naval surface ships to the Middle East and North Africa has also fallen apart.

An existing deal for ADM to buy the civilian shipbuilding assets from HDW Gaarden in the northern German city of Kiel -- where mega-yachts and container ships are made -- remains in place, it added.

ADM, a shipbuilding group owned by the Al Ain International Group and Privinvest, and ThyssenKrupp originally signed the agreements in 2009 as Germany's shipbuilding industry, the largest in Europe, slumped amid the recession.

The civilian shipbuilding assets are bundled in three units of Blohm + Voss Shipyards and Services, all based in Hamburg and involved in building mega-yachts and ships' components as well as repair.

Blohm + Voss Naval (BVN), also based in Hamburg, makes naval surface ships and signed a deal in April for a 50-50 marketing joint venture with ADM.

ThyssenKrupp will retain the jewel of its shipbuilding assets -- Howaldswerke Deutsche Werft (HDW) in Kiel -- which makes submarines for Germany and its Nato partners.

ThyssenKrupp said on Friday its Marine Systems division clinched a contract worth about 2 billion euros ($2.8 billion) to build six Class 214 submarines for Turkey, affirming it strategy to focus only on naval shipbuilding.     

ThyssenKrupp last month said it would spin off its non-core businesses, including its stainless steel unit, Europe's largest producer, as part of a 10 billion euro divestment plan that will also refocus its auto parts arm. - Reuters




Tags: abu dhabi | Germany | ThyssenKrupp | Steelmaker | ADM |

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