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KONGSBERG acquires Hydroid LLC
AUTONOMOUS UNDERWATER VEHICLE NEWS
12. December 2007
Kongsberg Maritime AS, (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 (Hydroid) for approximately Million
USD 80 on a debt-free basis. The purchase price may increase, depending on Hydroid's
performance in 2008 and 2009.
Hydroid's "Remus 100" a compact, light-weight, autonomous underwater vehicle designed for operation in coastal environments up to 100 meters in depth.
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 20
Million USD with high profitability and is projecting strong revenue growth in the
coming years. Hydroid is headquartered in Pocasset, Massachusetts, USA.
Broadens portfolio of AUV products
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's 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.