Kongsberg Maritime to Acquire Hydroid
Kongsberg Maritime AS, a wholly owned by Kongsberg Gruppen ASA, has, through its subsidiary Simrad North America Inc., Washington - USA, entered into an agreement to acquire the assets and business of Hydroid LLC for approx. U.S. $80 million on a debt-free basis. The purchase price may increase, depending on Hydroid's performance in 2008 and 2009.
Hydroid is a manufacturer and supplier of Autonomous Underwater Vehicles (AUV) for military and commercial markets worldwide. The company was established in 2001 to manufacture, support and further develop the REMUS Autonomous Vehicle Technology, originally developed and licensed through an exclusive license with the Woods Hole Oceanographic Institution. Hydroid's 2007 sales are projected to approximate U.S. $20 million with high profitability and is projecting strong revenue growth in the coming years. Hydroid is headquartered in Pocasset, Massachusetts, USA.
The acquisition of Hydroid is within Kongsberg Maritime strategy to expand in the rapidly growing market for AUV-based operations through a broader portfolio of products, wider presence in the market and focused R&D efforts. Hydroid's REMUS vehicles will complement Kongsberg Maritime - HUGIN AUV activity that began in 1995 as a joint project between FFI (Norwegian Defense Research Establishment), StatoilHydro and Kongsberg Maritime.
The acquisition is subject to governmental approvals and is expected to close during the first quarter of 2008.
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