Rheinmetall: 100% takeover of Norway’s Simrad Optronics ASA; squeeze-out procedure successfully executed

Rheinmetall AG of Düsseldorf, Germany, has completed its takeover of Simrad Optronics ASA of Nøtterøy, Norway. Following its submission on 6 May 2010 of a public buyout bid to the company’s shareholders, and the end of the offer phase, Rheinmetall now holds 100% of Simrad Optronics ASA stock. This necessitated a squeeze-out procedure conducted in accordance with the Norwegian Companies Act. Simrad Optronics ASA produces components for remote control weapon stations, electro-optical devices and weapon system upgrades for a global client base. In 2009 the company’s 200 employees generated sales of approximately NOK 624 million, equating to around €80 million. Germany’s globe-spanning Rheinmetall Group is a top supplier of state-of-the-art defence technology and automotive components. The Group’s defence technology arm, Rheinmetall Defence, equips the world’s armies with a comprehensive array of military vehicles, weapons and ammunition, air defence systems, propellants, defence electronics, and simulation and training technology. At home and abroad, Rheinmetall Defence’s 9,300-strong staff generated sales in fiscal 2009 of around €1.9 billion.