German steel company THYSSENKRUPP will be taking over the submarine manufacturer HDW-HOWALDTSWERKE-DEUTSCHE WERFT from the US investment fund OEP-ONE EQUITY PARTNERS (US BANK ONE group). HDW will be integrated into the THYSSEN shipbuilders subsidiary. In exchange, OEP will take over 25% of the new entity, as well as EUR 240 in cash. This European shipbuilding giant will be controlled by THEYSSEN DRUPP WERFEN and is expected to attain an annual turnover of around EUR 2.2 bn and employ 9,300.