KONGSBERG signs agreement to sell its steering gear and rudder business to Norvestor

02 Sep 2024 07:50 CEST

KONGSBERG has signed an agreement to sell its steering gear and rudder business
to a fund managed by the Nordic private equity firm Norvestor.

KONGSBERG has signed an agreement to sell its steering gear and rudder business,
currently part of the Propulsion and Handling division in Kongsberg Maritime.
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.

“We are very pleased to have reached an agreement with Norvestor, divesting our
steering gear and rudder business. This is a solid business with a long
heritage, high-quality products, and established market positions which we
believe will continue to develop well under new ownership, and we look forward
to a fruitful cooperation in the future,” says Per Håvard Siljan Hjukse, EVP
Propulsion & Handling, Kongsberg Maritime.

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.

For more information please contact:
Ronny Lie
Group VP and Chief Communication Officer
(+47) 91 61 07 98
ronny.lie@kog.kongsberg.com

Renate Tegdal
Investor Relations
(+47) 90 93 49 49
renate.tegdal@kog.kongsberg.com



About KONGSBERG:
KONGSBERG (OSE ticker: KOG) is an international, knowledge-based group that
supplies high-technology systems and solutions to customers in a wide range of
markets such as defence, security, maritime, energy, aerospace, climate mapping
and subsea technology. KONGSBERG has more than 13,500 employees in 39 countries
and has a total turnover of NOK 40.6 billion in 2023. Kongsberg Maritime is a
wholly owned subsidiary of KONGSBERG.

About Norvestor:
The Norvestor Group is a leading private equity company focused on lower
mid-market buyouts in the Nordic region. The team has worked together since
1991, making it one of the most experienced private equity teams in the Nordics,
having executed 93 platform investments with more than 500 add-on acquisitions,
in addition to executing 60 exits, including 16 IPOs. The team comprises 50
professionals, with offices in Oslo, Stockholm, Helsinki, Copenhagen, Berlin,
London and Luxembourg. Norvestor funds target growth companies in the Nordic
mid-market that have the potential to achieve a leading Nordic or international
position, by investing in people, capabilities and initiatives that drive
sustainable organic growth, as well as through acquisitions across fragmented
industries or geographic expansion. The Norvestor group currently advises and
manages funds with a committed capital of close to EUR 5.2 billion. The current
Norvestor portfolio companies employ more than 30,000 people. Read more
at www.norvestor.com 

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