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Abu Dhabi MAR Group to take majority stake in Blohm Voss yards

Abu Dhabi MAR Group to take majority stake in Blohm  Voss yards

Abu Dhabi: Yatch building group Abu Dhabi MAR has announced plans to acquire a majority 80% stake in each of the companies Blohm Voss Shipyards, Blohm Voss Repair, and Blohm Voss Industries as part of a long term strategic agreement with Germany's ThyssenKrupp.

The agreement, which came packaged with a 50:50 joint venture with ThyssenKrupp Marine Systems for the construction of naval surface ships, is expected to pave the way for Abu Dhabi MAR Group to move into the mega-yachts, repairs and ships' components businesses.

ThyssenKrupp Marine Systems (TMS) will also benefit from the jv as it will safeguard shipbuilding jobs in Germany and significantly improve marketing opportunities for the Blohm Voss naval shipbuilding program (frigates and corvettes).

Although TMS will retain a lead role and the know-how in all projects with the German Navy and the NATO partners, Abu Dhabi MAR Group will be responsible for the MENA region (Middle East/ North Africa).
Dr. Hans Christoph Atzpodien, chairman of the management board of the Marine Systems business area of ThyssenKrupp said, "The partnership with Abu Dhabi MAR Group represents a solid foundation for the future of the shipyard. It will enable us to win new customers and create and expand employment at the Hamburg site over the long term. ThyssenKrupp is thus strengthening shipbuilding in Germany."

All parties will now hold further talks and negotiations on the basis of the Memorandum of Understanding. The transaction is subject to the approval of the supervisory bodies and the regulatory authorities. For the naval area, the transaction is subject to disclosure requirements under the German Foreign Trade and Payments Act (AWG).  [16/10/09]