ThyssenKrupp sells shipyards business

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German heavy industry giant ThyssenKrupp said on Monday it had agreed to sell its civil shipbuilding activities Blohm + Voss to British investment Star Capital Partners for an undisclosed sum.

ThyssenKrupp, which is active in steel, elevators, submarines and car parts, said in a statement it had decided to sell the activities as part of a strategy to optimise its business portfolios.

"The sale is an important step in further focusing the activities 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," said Hans Christoph Atzpodien, head of ThyssenKrupp Marine Systems.

The deal, which is subject to approval by the competition authorities, is expected to be finalised in the first quarter of 2012.

ThyssenKrupp did not give any indication of the price, but according to the business daily Handelsblatt, it is less than 100 million euros ($133 million).

© 2011 AFP

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