By Dominic Chopping 
 

STOCKHOLM--Swedish defense company Saab AB (SAAB-B.SK) said Tuesday it has completed its acquisition of Swedish shipyard Thyssen Krupp Marine Systems AB (TKMS AB formerly Kockums).

The business unit will be called Saab Kockums and it expects operations will continue to be carried out primarily in Malmo, Karlskrona and Musko.

TKMS designs, builds and maintains naval systems such as submarines and surface vessels.

The cost of the acquisition, which is financed by existing funds, amounted to SEK340 million. The impact of the transaction on Saab's results for 2014 is not considered to be significant.

-Write to Dominic Chopping at dominic.chopping@wsj.com; Twitter: @WSJNordics

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