Kongsberg Maritime agrees to buy Rauma-based Steerprop

Norwegian marine technology company Kongsberg Maritime ASA has agreed to acquire Rauma-based Steerprop, Yle reports. The deal still requires approval from the authorities.

Steerprop designs and manufactures propulsion systems for vessels including ships operating in Arctic conditions. It supplies propeller units for four new United States Coast Guard icebreakers.

The company says its products are used on more than 400 vessels worldwide.

“As we considered the next stage of our operations, we carefully evaluated strategic options to accelerate our growth. Kongsberg Maritime proved to be an ideal partner for us,” Steerprop Chief Executive Riku-Pekka Hägg said in a statement.

Hägg said the deal would allow Steerprop to continue operating with stronger resources and greater capacity.

Steerprop will become part of Kongsberg Maritime in stages after the deal is completed. About 100 people work for the Rauma-based company.