Saab buys Swedish submarine shipyard

Swedish defence and aeronautics group Saab said Tuesday it had completed the acquisition of German heavy industry giant ThyssenKrupp's submarine shipyard in southern Sweden.

Saab paid 340 million kronor ($49.6 million) for the ThyssenKrupp Marine Systems subsidiary, which the Swedish company said would come from existing funds.

"The impact of the transaction on Saab's results for 2014 is not considered to be significant," it said in a statement.

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