Magazine

Table: A Sub Story


1838

Schweffel & Howaldt, a machine maker and foundry that later evolves into shipbuilder HDW, opens for business.

1851

Company launches the first seaworthy submarine for use in war against Denmark.

1900's

Company builds U-boats for the German navy in both world wars, as well as passenger liners, cargo ships, and tankers.

1999

Deutsche Babcock, later renamed Babcock Borsig, swaps its stake in Preussag for 50% stake in HDW.

2001

New York raider Guy P. Wyser-Pratte begins buying shares in Babcock Borsig; later increases holding to 8.2%.

FEBRUARY 2002

Babcock CEO Klaus Lederer assures Wyser-Pratte as well as other investors that his plan is to concentrate on the submarine business and sell unprofitable lines.

MARCH

Lederer unveils plans to sell the submarine business to Bank One's One Equity Partners. Wyser-Pratte sues.

JUNE

Northrop Grumman confirms talks with HDW about cooperation, raising concerns the companies will seek to circumvent a German ban on submarine sales to Taiwan.

Data: HDW, Babcock Borsig, BusinessWeek


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