March 5, 2020 / 6:30 PM / a month ago

Thyssenkrupp, Embraer consortium signs Brazil corvette deal

FRANKFURT/DUESSELDORF, Germany, March 5 (Reuters) - A consortium consisting of Germany’s Thyssenkrupp and aircraft maker Embraer on Thursday signed a deal to deliver four corvettes to Brazil’s navy, the companies said in a statement.

Last year, the companies had been selected as preferred suppliers for the contract, under which they have committed to deliver four Tamandare class ships between 2025 and 2028.

No price was disclosed. According to newspaper O Estado de S. Paulo the contract has a volume of 9.1 billion reais ($1.97 billion).

“The Tamandare Class Programme will strengthen our ties by transferring technology and generating highly qualified jobs for the country,” said Rolf Wirtz, CEO of Thyssenkrupp Marine Systems (TKMS).

A majority stake in TKMS, which has an enterprise value of about 525 million euros ($587 million) according to Credit Suisse estimates, could be sold in an ongoing restructuring process of the group, Thyssenkrupp has said.

TKMS is Germany’s second-largest defence group after Rheinmetall, which, along with France’s Naval Group, has been mentioned as a potential buyer of the unit in the past.

(1 euro = $1.1190)

$1 = 4.6194 reais Reporting by Christoph Steitz and Tom Kaeckenhoff; editing by Thomas Seythal

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