The union will enable the Abu Dhabi MAR group to expand further into mega yachts and repairs business, attracting new customers and expanding employment.
His Excellency Ahmad Darwish Al Marar, Chairman of Abu Dhabi MAR, said: "This agreement is an important milestone for Abu Dhabi MAR in the implementation of our strategy to position ourselves as a world leading shipbuilding company. The aim of this transaction is to generate long-term growth, strengthen the international market position of the company, expand our product range and gain access to new customers."
"In Abu Dhabi MAR we have found a suitable partner for a highly promising long-term relationship. This strategic partnership represents a solid foundation for the future of the shipyard and will make it possible to attract new customers," said Dr. Olaf Berlien, member of the Executive Board of ThyssenKrupp AG.
The transaction is subject to clearance required under merger control laws. For the naval activities, the transaction is also subject to the approval of the German government under the provisions of the Foreign Trade Act (Außenwirtschafts¬gesetz). The closing is expected to take place by the end of June 2010.
The Abu Dhabi MAR is a rapidly expanding holding company based in Abu Dhabi. The group owns controlling interest in ADMShipyards (formerly Abu Dhabi MAR shipyard); French shipyard CMN and German shipyard Nobiskrug.