Rheinmetall AG of Düsseldorf, Germany, completed its takeover of Simrad Optronics ASA of Notteroy, Norway.
Following its submission on May 6th, 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.