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Business

ThyssenKrupp to Acquire Germany's Biggest Shipbuilder

German industrial group ThyssenKrupp plans to take over the country's biggest shipbuilder, HDW, and merge it with its own shipbuilding operation. HDW, short for Howaldtswerke-Deutsche Werft, is a leading manufacturer of non-nuclear military submarines. It also builds ferries, large yachts and specialist vessels. HDW is owned by One Equity Partners, an investment firm backed by Chicago-based Bank One Corporation. The new shipyard group, which will be managed by ThyssenKrupp Werften GmbH, will have about 9,300 staff and a sales volume of some €2.2 billion ($2.6 billion).