- KONGSBERG is selling its steering gear and rudder business to Norvestor.
- The sale aligns with KONGSBERG’s focus on decarbonisation and digitalisation.
- The transaction is expected to complete by Q1 2025.
KONGSBERG has entered into an agreement to sell its steering gear and rudder business, a part of the Propulsion and Handling division in Kongsberg Maritime, to Norvestor, a Nordic private equity firm, reports Kongsberg.
Strategic Alignment with Decarbonisation
This sale aligns with Kongsberg Maritime’s broader strategy focused on the decarbonisation of shipping. The company aims to enhance its integrated systems with an increased emphasis on electrification and digitalisation across its entire product portfolio.
Per Håvard Siljan Hjukse, EVP of Propulsion & Handling at Kongsberg Maritime, expressed satisfaction with the agreement, stating, “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.”
Global Operations and Financial Performance
The business being sold includes global operations with full capabilities in both new sales and aftermarket services for steering gears and rudders. In 2023, the business generated approximately NOK 850 million in revenue, with margins similar to those of Kongsberg Maritime.
The agreement between KONGSBERG and Norvestor includes a commitment to collaborate in delivering high-quality and competitive steering gear and rudder solutions to customers worldwide.
The transaction is expected to be completed by the first quarter of 2025.
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Source: Kongsberg
