STN Atlas Separates Marine Electronics
STN Atlas Elektronik GmbH will unincorporate its Marine Electronics Division retroactive to January 1, 1998, and transform the division into an independent company. It will operate under the name STN Atlas Marine Electronics GmbH, with headquarters in Hamburg.
This measure is to secure the long-term competitiveness in an area subjected to extreme price pressures, and to permit a clear separation of the defense and civil activities of STN Atlas Elektronik. These activities are governed by different market conditions, and the company expects that the move will strengthen the civil sector Marine Electronics Division in the long run.
In 1997, the Marine Electronics division produced a consolidated turnover of DM 550 million. The company will have an equity capital of DM 30 million and employ 890 persons, 800 in Germany and 90 throughout the rest of the world.