Thyssenkrupp to buy remaining stake in naval defence systems supplier Atlas Elektronik

German conglomerate Thyssenkrupp AG yesterday said that it will buy the 49 per cent stake it does not already own in naval defence systems supplier Atlas Elektronik from Airbus for an undisclosed price.

Thyssenkrupp already holds a 51 per cent stake in Atlas Elektronik and currently manages the company together with Airbus as a joint venture.

Post closing, Thyssenkrupp will become the sole owner of Atlas Elektronik.

Airbus had decided to sell several of its defence units as part of a 2014 review of its business in order to focus on military aircraft and space sectors.

"The full takeover will allow even closer cooperation between Atlas Elektronik and Thyssenkrupp Marine Systems, for example in product development," Thyssenkrupp said in a statement.

Airbus said it was selling the stake as part of its defence and space divestment programme to focus on its core business.

Founded in 1902, Atlas Elektronik develops naval and maritime electronics systems for submarines and surface vessels, including sonar systems, heavyweight torpedoes and anti-torpedo weapons.

The Bremen-based company supplies the complete product range based on the 'sensor-to-shooter' concept. The range is divided into the sections of surface vessel systems, including mine counter measures, submarine systems and services.

Atlas Elektronik employs more than 1,500 people across 12 subsidiaries and has annual sales of €338 million.