|[September 03, 2013]
Saab Seaeye Acquires Hydro-Lek
LINKÖPING, Sweden --(Business Wire)--
Saab Seaeye, a wholly owned subsidiary of defence and security company
Saab (STO:SAABB), has acquired Hydro-Lek Limited, a UK manipulator and
tooling manufacturer for underwater vehicles. The acquisition
strengthens Saab Seaeye's product portfolio of remotely operated,
autonomous and hybrid underwater vehicles with the ambition to further
grow the company.
Formed 20 years ago, Hydro-Lek is an established supplier of
manipulators and tooling for the ROV industry and defence and research
industries. The acquisition enables Saab Seaeye to leverage Hydro-Lek's
unique tooling capability to further increase its presence in the
commercial ROV market as a complete underwater ROV supplier.
"We see a clear synergy between the two companies as manipulators and
tools are key omponents in the design and function of underwater
vehicles. Our ability to offer and support a complete ROV and tooling
solution will bring significant benefits to the market", says Jon
Robertson, managing director, Saab Seaeye.
Hydro-Lek will be a fully owned subsidiary of Saab Seaeye Limited, which
is part of the underwater systems operation within Saab's business area
The acquisition is expected to have no material effect on Saab's
consolidated statements in 2013.
Hydro-Lek located in Finchampstead Berkshire, UK has a workforce of
approximately 25 employees and service a global base of offshore
industry customers in Europe, US and Asia. Saab Seaeye is the world's
largest manufacturer of electric ROVs for both offshore and defence
industry, with operations in UK and Sweden.
Saab serves the global market with world-leading products, services and
solutions ranging from military defence to civil security. Saab has
operations and employees on all continents and constantly develops,
adopts and improves new technology to meet customers' changing needs.
The information was submitted for publication on September 3 at 08.30.
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