Latest news with #SiegfriedRusswurm
eNCA
7 days ago
- Business
- eNCA
Thyssenkrupp to spin off marine division amid defence boom
German industrial titan Thyssenkrupp's shareholders on Friday backed a spin-off of its warship and submarine-building unit, seeking to better position the group to benefit from a European defence boom. Countries have been rearming to face the growing Russian threat and in response to pressure from US President Donald Trump for NATO allies to contribute more to the alliance, giving a boost to the continent's weapons manufacturers. Thyssenkrupp's establishment of its defence branch as an standalone entity is also the latest move in a restructuring at the storied manufacturer whose other divisions -- notably the traditional steel business -- are facing problems. "Against the backdrop of the current security situation in Europe and around the world, it is crucial that Germany and its partners can rely on capable, innovative companies such as TKMS (Thyssenkrupp Marine Systems)," said supervisory board chairman Siegfried Russwurm. Shareholders overwhelmingly backed the spin-off of a 49-percent minority stake of the marine division at a specially convened meeting. The marine unit will be listed on the Frankfurt Stock Exchange later this year. The broader Thyssenkrupp group will retain a controlling stake, which it said ensured "the strategic steering and stability of TKMS". Thyssenkrupp's shares rose two percent in Frankfurt after the news. "TKMS gains the freedom to drive innovation more rapidly, invest in a targeted manner, and respond flexibly to customer and market requirements," said Thyssenkrupp CEO Miguel Lopez. The defence division's orders have grown significantly in recent years and the backlog now exceeds 18 billion euros ($21 billion), according to the group. TKMS represents just a small part of Thyseenkrupp's revenues but its prospects are far brighter than other divisions, particularly the steel business, which is in the throes of a painful restructuring as it battles fierce Asian competition.
The Sun
02-07-2025
- Business
- The Sun
German government not planning to take stake in TKMS, reports Handelsblatt
DUESSELDORF: The new German government has no plans currently to take a stake in Thyssenkrupp's defence division TKMS, the business daily Handelsblatt reported on Wednesday, citing government sources. According to the report, the chancellery as well as the ministries involved have agreed not to push for state involvement at this time, something Thyssenkrupp's labour leaders have called for. A spokesperson for Thyssenkrupp said the company was engaged in constructive discussions with the government, 'but we do not wish to pre-empt the outcome of these discussions'. Thyssenkrupp has said in the past that government participation was no precondition for any divestment of TKMS and that a planned spin-off of the business - expected to take place by the end of the year - would go ahead regardless. Chairman Siegfried Russwurm said last month that talks about the government participating to safeguard Germany's national interest were unnecessary given that Berlin is either a customer or must approve equipment sales to other countries. Germany's economy and defence ministries did not immediately respond to emailed requests for comment. The government will instead seek a 'security agreement' to ensure that national defence and jobs are not at risk from the spin-off, which would involve regular consultations, Handelsblatt reported. The agreement would also include a right of first refusal for the government if a strategic investor wanted to buy into TKMS, though that is not expected, the paper said. Thyssenkrupp shareholders will vote on the plan to spin off a 49% stake in TKMS at an extraordinary general meeting on August 8. TKMS, which makes submarines and frigates as well as sensor and mine-hunting technology, has been benefiting from a broader surge in defence stocks, boosted by higher military spending in Europe amid fears of dwindling U.S. support.
Reuters
20-06-2025
- Business
- Reuters
Thyssenkrupp CEO gets new 5-year contract
FRANKFURT, June 20 (Reuters) - Thyssenkrupp ( opens new tab CEO Miguel Lopez received a new five-year contract, the German conglomerate said on Friday, adding it planned an extraordinary general meeting on August 8 to let shareholders approve the planned listing of its defence unit. Thyssenkrupp did not say whether the vote on the contract extension until May 31, 2031, had required the casting vote of Supervisory Board Chairman Siegfried Russwurm, after his deputy earlier this year announced opposition to the plan. "The group is undergoing a challenging and urgently needed transformation process, in which reliability, leadership and clear priorities are of the essence," Russwurm said. "The extension of Miguel Lopez's contract is an expression of our confidence in his leadership and our conviction that clear orientation and continuity along the chosen path are crucial to the further progress and future of Thyssenkrupp."
