German multinational conglomerate ThyssenKrupp and Seafort Advisors GmbH, a Hamburg-based private equity firm, have entered into an agreement on the sale of the Emder Werft und Dockbetriebe shipyard in Emden, Germany.
ThyssenKrupp began looking into alternative strategic options for the company at the end of 2013, aiming to find a way of continuing the repair business outside the group against the background of the decision to focus ThyssenKrupp’s shipbuilding operations on surface vessels and submarines.
The closing of the sale is subject to the necessary licenses and approvals and is planned for the first quarter of the 2015 calendar year.
Seafort Advisors plans to continue the operations of Emder Werft und Dockbetriebe with its four pillars: merchant vessels, naval, administration and offshore; as well as add new business areas and expand the spectrum of repairs.
To this end it intends to strengthen sales activities and invest in the Emden location. In fiscal 2013/2014 Emder Werft und Dockbetriebe achieved sales of around EUR 19.5 million (USD 23.8m) with 55 employees.