Atlas Elektronik
Atlas Elektronik GmbH is a naval/marine electronics and systems business based in Bremen, Germany. It is involved in the development of integrated sonar systems for submarines and heavyweight torpedoes.
The company was a subsidiary of BAE Systems until December 2005 when it was sold to ThyssenKrupp and EADS.
History
Prior to 2003 Atlas Elektronik was part of STN Atlas Elektronik GmbH, a joint venture between Rheinmetall and BAE Systems. In 2003 the company was split; Rheinmetall acquired the land systems business (Rheinmetall Defence Electronics) and BAE took control of the naval business, keeping the name Atlas Elektronik.
BAE's involvement dates back to 1997 when British Aerospace (BAE Systems prior to Marconi merger) acquired 49% from Rheinmetall.
Sale
BAE Systems announced it intended to sell the company in 2005. The main bidders were ThyssenKrupp/EADS, Thales Group and L-3 Communications. On December 30 the joint ThyssenKrupp/EADS bid, valued at €145 million (£100m), was named the winner with the companies holding 60% and 40% respectively.
The bid was complicated by the requirement of the German government to approve any sale as acceptable. The Financial Times described the sale as "cut price" because French company Thales bid €300 million, but was blocked from purchasing Atlas on national security grounds.
References
- business.scotsman.com: "German govt won't let Thales buy Atlas" (Accessed 26/11/05)
External links
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