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ThyssenKrupp to Sell Shipyards to Star Capital

German steelmaker ThyssenKrupp is selling the civilian business of its Blohm + Voss shipyards to British buyout firm Star Capital, it said on Monday, writes Reuters. ThyssenKrupp in 2009 sold its Kiel-based container ships and yacht builder HDW Gaarden and struck other deals to sell the first quarter of 2012, writes Reuters.

(Reuters) – German steelmaker ThyssenKrupp agreed to sell the civilian business of its Blohm + Voss shipyards to British buyout firm Star Capital, it said on Monday, as the company’s shipbuilding operations focus on military vessels.

It also had to cancel a separate deal with ADM on a joint venture to sell naval surface ships to the Middle East and North Africa, blaming changes in political landscape in those regions.

ThyssenKrupp in 2009 sold its Kiel-based container ships and yacht builder HDW Gaarden and struck other deals to sell the first quarter of 2012, it added.

The assets that were up for sale include three civilian shipbuilding units — yacht-builder Blohm + Voss Shipyards, ship repair unit Blohm + Voss Repair and components maker Blohm + Voss Industries.

In July this year, ThyssenKrupp’s plan to withdraw from civilian shipbuilding hit a snag when it had to scrap a deal for Abu Dhabi Mar (ADM) to buy Blohm + Voss. its yards for fast passenger, ferry, cargo and container hips after new orders dried up in the recession.

Overcapacity in Europe has also been compounded by competition from shipbuilders in China and Korea.

Following the sale of civilian shipbuilding assets, ThyssenKrupp’s Marine Systems will comprise naval shipbuilding at its yards in Kiel in Germany and Kockums in Sweden, as well as design, equipment and project management capabilities for military surface vessels at Blohm + Voss Naval in Hamburg.