ESSEN, Germany, Dec. 13 (UPI) -- Thyssenkrupp of Germany is selling its civil shipbuilding business to Britain's Star Capital Partners and will concentrate on construction of military ships.
The companies signed the sales agreement this week.
The sale involves ThyssenKrupp Marine Systems subsidiaries Blohm + Voss Shipyards, Blohm + Voss Repair (including Blohm + Voss Oil Tools) and Blohm + Voss Industries.
"The sale is an important step in further focusing the activities of ThyssenKrupp Marine Systems," said Hans Christoph Atzpodien, chief executive officer of ThyssenKrupp Marine Systems. "At the same time, the change of owner will help secure jobs and the future of shipbuilding at the various Blohm + Voss sites."
Parent company ThyssenKrupp AG in May decided to reorganize and improve its business portfolio and "divest businesses for which there are stronger alternative strategic options."
The sale of its civil shipbuilding sector, which must be approved by government regulatory authorities, is expected to close in the first quarter of next year.
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