Formerly known as Kockums, the shipyard is a part of the industrial solutions business of ThyssenKrupp. It provides systems for non-nuclear submarines and high-end naval vessels.

The unit operates facilities at Malmö, Karlskrona and Muskö in Sweden, and has naval shipbuilding activities in Kiel, Hamburg and Emden.

The deal, which is valued at SEK340m, is aimed at strengthening Saab‘s position in the naval segment.

Saab president and CEO Håkan Buskhe said: “Kockums has a unique offering and a strong local presence in Sweden concerning submarines and warships.

“The acquisition makes us a complete supplier of naval military systems.

“We also see good potential to expand the company’s current market position through opportunities in the export market.”

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“We are now beginning the integration of Kockums with Saab, focusing on reaching full capacity and we are starting work immediately.”

The newly acquired entity, named Saab Kockums, will become a business unit within Saab’s security and defence solutions business. It will continue operations primarily at the existing facilities, according to the company.

Saab security and defence solutions business head Gunilla Fransson said: “We are now beginning the integration of Kockums with Saab, focusing on reaching full capacity and we are starting work immediately with the orders placed by Sweden as well as deliveries to other existing customers.

“This will be followed by efforts to increase operational efficiency and profitability.

“This is key in order to be globally competitive in the long term. There are also good synergies to achieve with Saab’s current naval operations.”

Saab used its existing funds to finance the transaction, which is expected to have no significant impact on this year’s results.