KONGSBERG signs agreement to sell its steering gear and rudder business to Norvestor
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KONGSBERG has signed an agreement to sell its steering gear and rudder business, currently part of the Propulsion and Handling division in Kongsberg Maritime, according to the company's release.
This is in line with Kongsberg Maritime’s strategy towards decarbonisation of shipping with its integrated systems and increased focus on electrification and digitalisation of the entire product portfolio.
The transaction includes a global operation with end-to-end capabilities in both new-sale and aftermarket for steering gears and rudders. In 2023, the business generated revenues of approximately NOK 850 million with margins similar to that of Kongsberg Maritime on a pro-forma stand-alone basis.
The agreement entails a commitment between the parties to cooperate to bring high-quality and competitive steering gear and rudder solutions to its customers world-wide.The transaction is expected to be completed no later than Q1 2025.