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Kongsberg acquires Rolls-Royce Commercial Marine from the British group, according to a press release from Kongsberg on Friday.
The parties agreed on a preliminary sale price of £ 500 million
. ] Five Billion Issue
The Kongsberg Group will finance the purchase of Rolls-Royce Commercial Marine through a combination of new equity and a new bond issue. An issue of NOK 5 billion will be launched – a so-called priority issue.
– The acquisition of Rolls-Royce Commercial Marine makes us a more complete supplier of the marine industry. The shipping industry is becoming more and more global and is undergoing major technological and market-oriented changes. With this acquisition, we will strengthen our strategic position with shipping companies, shipyards and other customers and partners, "says Geir Håøy, CEO of Kongsberg Gruppen
The purchase does not include Bergen Engines activity or Defense – Rolls-Royce's Naval Business. Haøy points out that Kongsberg is the leader in automation, navigation and control systems, while Rolls-Royce Commercial Marine complements its propellers, propulsion systems, bridge management equipment and ship design [19659002]"Ship Intelligence" and concepts for autonomy. By combining this, we position ourselves as a strategic provider of comprehensive solutions for the future maritime sector, "said the CEO
The state contributes 2.5 billion.
At the same time, it is clear that the Norwegian state explodes 2.5 billion to contribute to the purchase. The state currently owns 50,001% of the Kongsberg Group [19659002] – This is an important issue for the Kongsberg Group, Rolls-Royce Commercial Marine and the Norwegian Maritime Industry. Both companies are now world leaders in their fields. The Minister of Industry, Torbjørn Røe Isaksen, issued a press release from the Ministry of Industry and Fisheries.
The remaining 50% is guaranteed by a syndicate of DNB Markets and Danish.
Approximately 3,600 employees work in Rolls-Royce Commercial Marine and many of them in leading companies in the Northwest.
The Norwegian subsidiary, Rolls-Royce Marine, are among the largest private employers in the region with about 1600 employees. Most work in the Sunnmøre departments – Ålesund, Hjørungavåg, Ulsteinvik, Longva and Brattvåg.
An information document containing more detailed information on the purchase will be published on August 16 at the latest. The issuance is expected to take place in the fourth quarter of 2018 and Kongsberg expects the purchase to be completed in the first quarter of 2019.
In a stock market announcement on Friday, Kongsberg will provide additional information on the purchase and financial situation of Rolls-Royce Marine. 19659010] Objective # 1: Profitable Operation
In recent years, the company has been hit hard by the decline of the offshore industry, and since 2010, Rolls-Royce Marine has lost $ 3.5 billion .
will depend on the cash, debt and working capital of the Rolls-Royce Commercial Marines at the time of the transaction.
A key priority in the future will be to ensure profitable operations while being a major driver of innovation in the industry. "The marine industry has been experiencing difficult market conditions in recent years and, although there is still uncertainty, we expect the market to be experiencing growth where the technology and innovation will be the main drivers. For over 200 years, the Kongsberg Group has been a pioneer in high tech industrial development from a long-term perspective. The acquisition of Rolls-Royce Commercial Marine fits into our growth ambitions, says Eivind Reiten, chairman of Kongsberg Gruppen ASA, in a press release
Among the most promising candidates
the British group
Kongsberg was one of the most prominent candidates with General Electric, Wärtsilä, Siemens and Kjell Inge Røkkes Aker
the head of Norsk Industri's maritime industries, Lars Gørvell-Dahll. on the Norwegian company as the best solution already this winter.
Read also: – Use the oil fund to buy the house Rolls-Royce Marine
Rolls pattern: – Good news
– This agreement is good News for the group Rolls-Royce and Kongsberg arrive at a time when the marine industry is at the dawn of a new and exciting era where digitization and electrification will transform the industry. Rolls-Royce has been responsible for many of these technological changes, and with the combination of competent employees, advanced technology and the ambition of the Kongsberg Group to move up to the next level, I am confident that it will be a success over the years
Two industrial giants
Rolls-Royce Commercial Marine has about 3,600 employees and a turnover of 8.9 billion kroner (2017).
Kongsberg The group has about 7,000 employees and a turnover of NOK 14.5 billion (2017), of which Kongsberg Maritime generates NOK 7.5 billion.
Together, the two companies have equipment and supplies connected to nearly 30,000 vessels worldwide and the installed base and global presence reinforce a leading global position with a significant aftermarket.
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