Kongsberg sells Hydroid
Kongsberg Maritime signed an agreement with Huntington Ingalls Industries (HII) to sell its underwater technology subsidiary Hydroid.
The deal is valued at $350 million, according to Kongsberg, which confirmed the decision in a statement on 4 February.
HII is the US Navy’s largest supplier of naval vessels and its role in equipping the US Navy will increase as the US Navy is currently Hydroid’s largest customer.
Alongside the sale of Hydroid, the agreement sets out a framework for future cooperation between the two defence companies for projects concerning underwater technology and maritime solutions.
Kongsberg Maritime originally acquired Hydroid in 2007 for $80 million. President and CEO of the Kongsberg group, Geir Håøy said: ‘Kongsberg Maritime has driven technology development and created considerable value during the 12 years it has owned Hydroid.
‘We now look forward to working together with HII on new maritime solutions and at the same time strengthening our world-leading underwater environment in Horten.’
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