Saab acquires Seaeye
Company News - May 24, 2007
Saab in Sweden has acquired UK ROV manufacturer Seaeye.
In a statement, Saab said: "With the acquisition of Seaeye Holdings Ltd and its subsidiary Seaeye Marine, Saab is strengthening its position in the underwater area and in the offshore market. The deal complements and reinforces Saab Underwater’s unmanned underwater vehicle product portfolio."
The purchase price is £13 million.
"We see this as part of our strategy to strengthen our naval product portfolio at the same time as it adds possibilities within offshore and maritime security. This also brings a strong international market position in the underwater area with several successful products," said Ingemar Andersson, Executive Vice President of Saab.
Chris Tarmey, Chief Executive Officer (CEO) of Seaeye, sees many benefits in being part of Saab: " Seaeye is a successful company that has doubled its activities in the offshore area during the past years, but with a great potential to develop even further within areas such as maritime security and defence. Areas where Saab is strong. The acquisition also brings interesting possibilities for technical synergies between Saab’s and Seaeye’s different underwater vehicles."
Seaeye, with approximately 50 employees and annual sales of approximately £12 million, is located in Fareham, Hampshire on the south coast of the UK.
The company develops and manufactures a complete range of electric powered ROV systems. The range extends from the portable Seaeye Falcon to the medium work class Panther Plus.
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