Kongsberg to spin off Kongsberg Maritime
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The board of Norway\u2019s Kongsberg Gruppen ASA today proposed to demerge and list Kongsberg Maritime <\/a>on the Euronext Oslo Stock Exchange, while consolidating Kongsberg Defence & Aerospace and Kongsberg Discovery into a single entity.<\/p>\n With security and sustainability high on the international agenda., the board has assessed that focused and specialized businesses will be best suited to take advantage of the opportunities this presents.<\/p>\n \u201cThis will further strengthen competitiveness in our efforts to create value in a world where security and sustainability are expected to dominate in the coming decades,\u201d says Eivind Reiten, chair of the Kongsberg Gruppen board. \u201cIndividually, the companies will gain better navigation opportunities and execution capabilities within their respective markets. Both companies will continue to have significant national strategic importance with headquarters in Norway.\u201d<\/p>\n \u201cThe units operate in different international markets that are undergoing change. This places different demands on business models,\u201d said Geir H\u00e5\u00f8y, president and CEO of Kongsberg Gruppen. \u201cKongsberg Maritime holds a leading technology position and offers products and integrated solutions across a wide range of segments\u2014from offshore vessels to the merchant fleet and naval segment. The consolidated technology- and defense-company Kongsberg addresses critical needs in defence, security, and surveillance, delivering solutions for both civilian and defense applications,\u201d<\/p>\n Stock exchange listing<\/p>\n The planned spin-off of Kongsberg Maritime will be structured as a demerger combined with a separate stock exchange listing. Shares in the new parent company for Kongsberg Maritime (\u201cMAR\u201d) will be issued directly to Kongsberg\u2019s shareholders at the time of the demerger, without raising new capital or selling existing shares. Upon listing, the shareholder structure in MAR will mirror that of Kongsberg, with each shareholder receiving one MAR share for each Kongsberg share held. The company\u2019s largest shareholder with a 50% stake, the Norwegian state, through the Ministry of Trade, Industry and Fisheries, has expressed support for the board\u2019s proposal. The state\u2019s ownership will not change as a result of the demerger. The demerger is expected to be completed, and trading in MAR shares to commence, durings second quarter 2026.<\/p>\n The new maritime business will be led by Lisa Edvardsen Haugan, president of Kongsberg Maritime. Mette Toft Bj\u00f8rgen, currently CFO of Kongsberg Gruppen will take the position of CFO in the new maritime business. Eirik Lie, president of Kongsberg Defence & Aerospace, will become the new president and CEO of Kongsberg Gruppen and a recruitment process is initiated for the new CFO. The changes will be effective from the completion of the demerger. A new board of directors for MAR will be elected and effective from the time of listing.<\/p>\n The post Kongsberg to spin off Kongsberg Maritime<\/a> appeared first on Marine Log<\/a>.<\/p>\n<\/div>\n\n