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ThyssenKrupp looks for yard buyer

ThyssenKrupp looks for yard buyer
German steel-to-shipbuilding conglomerate ThyssenKrupp is planning to sell its Kiel-based merchant shipbuilding facilities HDW-Gaarden to Abu Dhabi Mar in a move that would seal the group?s divestment of all merchant shipbuilding activities.

ThyssenKrupp looks for Kiel yard buyer.

German steel-to-shipbuilding conglomerate ThyssenKrupp is planning to sell its Kiel-based merchant shipbuilding facilities HDW-Gaarden to Abu Dhabi Mar in a move that would seal the group"s divestment of all merchant shipbuilding activities.

Sources close to the company confirmed that Abu Dhabi Mar was interested in buying HDW-Gaarden.

A spokeswoman for ThyssenKrupp would not comment on the planned sale, neither would a spokesman for Abu Dhabi Mar. But according to a local newspaper report, ADM chief executive Iskandar Safa has already informed the yard"s works council.

HDW-Gaarden is the merchant ship building unit of shipyard Howaldtswerke. It specialises in the construction of large yachts and containerships but suffered massively from order cancellations and was put up for sale by ThyssenKrupp. Initially, ThyssenKrupp planned to sell the yard to German industrial group Heinrich Rönner but the deal fell through due to objections by the supervisory board.

A decision might be made as early as next week after the yards" supervisory boards had met, sources said.

Recently, ThyssenKrupp completed the sale of Emden-based Nordseewerke to Siag Schaaf. But Abu Dhabi-based ADM stands at the centre of ThyssenKrupp"s efforts to get rid of its mechant shipbuilding activities. The company will take over 80% of Hamburg-based Blohm+Voss and will advance to one of the largest builders of large luxury yachts.

In addition, ADM and ThyssenKrupp will form a 50:50 joint venture for the construction of surface naval vessels.

ADM also wants to acquire a share of below 25% in HDW"s submarine unit. The deal is sensitive as HDW is market leader in the construction of fuel cell-driven submarines.

In addition, ADM is ThyssenKrupp"s preferred bidder for its stricken Greek shipbuilder Hellenic. ThyssenKrupp was still in talks with the Greek government about the terms of a sale to ADM, the spokeswoman said.

www.turkishmaritime.com.tr

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