Thursday, April 15, 2010

Abu Dhai MAR and ThyssenKrupp Marine Systems Establish Strategic Partnership

Abu Dhabi MAR, the international shipbuilding group based in Abu Dhabi, and ThyssenKrupp Marine Systems have signed a contract for the sale of Blohm + Voss to Abu Dhabi MAR. The contract includes the acquisition of Blohm + Voss Shipyards in Hamburg and the civil shipbuilding facilities of the former HDW Gaarden including employees in Kiel. Abu Dhabi MAR will also acquire an 80% stake in each of Blohm + Voss Repair and Blohm + Voss Industries, both of Hamburg. The parties also agreed on the formation of a 50:50 strategic partnership for the design and program management of naval vessels.

The two companies had already signed a memorandum of understanding on this in October 2009. Abu Dhabi MAR, a holding company based in Abu Dhabi, is a fast-growing international shipbuilding group. The company has capacity for the construction of naval ships and civil ships up to a length of 200 meters. The holding company is jointly owned by the Al Ain International Group (70%) and Privinvest (30%). H.E. Ahmed Darwish Al Marar is Chairman of the Abu Dhabi MAR Group and Iskandar Safa its Managing Director. The company has orders in hand of more than 1 billion euros. The shipbuilding group currently has 2,000 employees worldwide.......................LINK

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