Kongsberg Maritime AS (KM), a wholly-owned subsidiary of Kongsberg Gruppen ASA, has completed the sale of its US based underwater technology company Hydroid to Huntington Ingalls Industries (HII). In a press release on 4 February 2020, Kongsberg announced that KM had entered into an agreement with HII on the sale of the wholly-owned subsidiary Hydroid, Inc. for USD 350 million on a debt-free and cash-free basis and as adjusted off an agreed upon working capital. The transaction has now been completed.
Located in the U.S., Hydroid is the world’s most trusted manufacturer of advanced Autonomous Underwater Vehicles (AUVs). Hydroid’s REMUS AUVs provide innovative and reliable full-picture solutions for the marine research, defense, hydrographic and offshore/energy markets. Developed by a veteran team of engineers, the company’s products and solutions provide a safe and reliable answer to the challenges that have hampered ocean exploration and security. Hydroid employees are passionate about their work and strive to produce top-quality products and service. All products are designed, manufactured, marketed and sold from the Hydroid facility in Cape Cod, MA.
HII is the largest supplier of vessels to the US Navy. In connection with the transaction, KM and HII have entered into a strategic alliance agreement effective as of today. The agreement relates to underwater technology from KM’s world-leading underwater environment in Horten, as well as a wider range of KM’s maritime solutions. Kongsberg is an international, knowledge-based group that supplies high-tech systems and solutions to customers in the maritime, oil & gas, defence and aerospace industries. Kongsberg has almost 11,000 employees in 40 countries.