Celsius To Create Substantial Submarine Builder

Swedish defense group Celsius announced that it was merging unit Kockums Naval Systems with Germany's Howaldtswerke-Deutsche Werft (HDW) to create a leading global player in submarines as the defense sector consolidates. Celsius signed a contract with Babcock Borsig and HDW parent company Preussag, Germany's tourism and industrial group, to form a European shipbuilding company.