© edhar-yralaits-dreamstime.com Electronics Production | July 23, 2014
Saab completes acquisition of Kockums
Defence and security company Saab's acquisition of the Swedish shipyard Thyssen Krupp Marine Systems AB has now been completed.
The company will become a business unit within Saab's business area Security and Defence Solutions under the name Saab Kockums. Saab expects that operations will continue to be carried out primarily in Malmö, Karlskrona and Muskö. In June, Saab and FMV signed a Letter of Intent regarding the Swedish armed forces’ underwater capabilities. With the acquisition of TKMS AB, Saab, together with the Swedish authority, is able to ensure access to the existing knowledge and intellectual properties (IPR) necessary for continued development, production and maintenance in the underwater sector for both the Swedish and the international markets. "The acquisition is in line with our strategy to expand our offering and strengthen Saab's position in the market for naval systems. Kockums has a unique offering and a strong local presence in Sweden concerning submarines and warships. The acquisition makes us a complete supplier of naval military systems. We also see good potential to expand the company's current market position through opportunities in the export market," says Håkan Buskhe, President and CEO of Saab. "We are now beginning the integration of Kockums with Saab, focusing on reaching full capacity and we are starting work immediately with the orders placed by Sweden as well as deliveries to other existing customers. This will be followed by efforts to increase operational efficiency and profitability. This is key in order to be globally competitive in the long term. There are also good synergies to achieve with Saab's current naval operations," says Gunilla Fransson, head of Saab’s business area Security and Defence Solutions.