Latest news with #ThyssenkruppMarineSystems
Yahoo
05-06-2025
- Business
- Yahoo
German submarine builder TKMS moves forward with spin-off
Thyssenkrupp is giving its marine division a new, yet familiar brand name ahead of its stock market debut. The company will in future consolidate all areas under the brand TKMS, the abbreviation for the Kiel submarine builder Thyssenkrupp Marine Systems, the company said on Wednesday. An investment by the federal government is "certainly an option," said TKMS chief executive Oliver Burkhard. "Desirable from our perspective, but not necessary." Burkhard expects that the supervisory board will deal with the plans by the end of June. The decision will then be made at an extraordinary general meeting, possibly in the summer, he said. According to Burkhard, a stock market listing could occur in the autumn. The aim is to access capital more easily through a spin-off. "However, this is not a miraculous multiplication of money." Parent company retains majority Thyssenkrupp board member Volkmar Dinstuhl described it as a logical step. The new holding company, in which shareholders will hold a 49% stake as part of the spin-off, is to be admitted to trading on the Frankfurt Stock Exchange. The parent company will retain the majority, he said. "TKMS is already a true success story," said Dinstuhl. Independence offers a good starting position for a possible national or European consolidation of the industry. "That's why we are also in talks with the federal government." In the past, there had already been discussions with the previous government and the development bank KfW about an investment by the federal government. On the election campaign trail, now Chancellor Friedrich Merz had promised the shipyard support for independence during a visit in January. Full order books TKMS says it is the world market leader for non-nuclear powered submarines and its order books are full until the early 2040s. In December, the Bundestag's budget committee approved the construction of four more 212CD class submarines for the German Navy. This means 10 such submarines have been commissioned - six for Germany and four for Norway. Burkhard said he expects Norway to also exercise the option for two more submarines. According to TKMS, the order book amounts to around €18 billion ($20.5 billion). The shipyard is also bidding for the construction of submarines for Canada. In addition to its main shipyard in Kiel, the defence company also has a shipyard in Wismar in the north-eastern state of Mecklenburg-Vorpommern, which, according to Burkhard, is to be upgraded for €220 million and is expected to provide about 1,500 jobs by 2029. In total, there are now reportedly 8,500 jobs there. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
German industrial giant Thyssenkrupp to spin off more divisions
The German industrial group Thyssenkrupp said on Monday that it plans to restructure its remaining three business areas following the spin-off of its steel and marine shipbuilding divisions. Thyssenkrupp AG is to become a strategic management company with independent units in the medium term, the company announced in Essen. It intends to retain majority stakes in the new businesses. "The core of the considerations is to gradually spin off all Thyssenkrupp business areas and open them up to third-party investment," the company said. It said that important steps had already been taken in this direction with the initiated spin-off of a minority stake in Thyssenkrupp Marine Systems and the planned joint venture for the steel division. According to the announcement, the materials and automotive components divisions are also to become independent in the coming years. "The goal is to form a focused, agile and restructured industrial group," the company said. The relatively new Decarbon Technologies segment, responsible for Thyssenkrupp's carbon dioxide reduction products, is also to be spun off in the future "once the markets for green technologies have gained momentum." With the reorganization, the company said it is offering its nearly 96,000 employees worldwide clear prospects for the future. "By creating the conditions for the best possible development of the segments, we are giving the people at Thyssenkrupp a good and secure future," human resources director Wilfried von Rath explained. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- Business
- Yahoo
Singapore orders two more submarines from Germany's TKMS in Kiel
German submarine builder Thyssenkrupp Marine Systems (TKMS) intends to build two additional submarines for Singapore. A contract has been signed for the construction of two more Type 218SG submarines, the company announced in the northern city of Kiel on Thursday. This further increases TKMS's record order book, which currently stands at around €16 billion ($18.1 billion). According to thyssenkrupp Marine Systems, "the order extension can be handled within existing capacities in Germany, despite high capacity utilization until the 2040s." In December 2024, the company received major orders worth billions, including four additional Type 212CD submarines for the German Navy, the new Polarstern research icebreaker, and funding for the project launch of the new F127 frigate generation. Singapore already has four submarines built by Thyssenkrupp Marine Systems in Kiel.
Straits Times
08-05-2025
- Business
- Straits Times
Mindef signs contract to acquire two more Invincible-class submarines
Thyssenkrupp Marine Systems CEO Oliver Burkhard (left) and Defence Science and Technology Agency chief executive Ng Chad-Son at the contract signing ceremony on May 7. PHOTO: DSTA SINGAPORE - The Ministry of Defence (Mindef) announced on May 8 that it has signed a contract with Germany's Thyssenkrupp Marine Systems to acquire two additional Invincible-class submarines. This will bring the number of submarines in Singapore's fleet to a total of six, which the ministry said 'further enhances the Republic of Singapore Navy's (RSN) ability to protect our sea lines of communication'. The move was previously announced at the budget debate in March, when Defence Minister Ng Eng Hen said that Singapore planned several hardware upgrades for the Singapore Armed Forces (SAF). At the time, Dr Ng noted that the RSN's submarine programme was on track, but two additional Invincible-class submarines were needed as four would not be optimal for a submarine fleet, due to the vessels requiring more rigorous and frequent maintenance cycles as they operate under intense pressure. Mindef said on May 8 that the submarines are part of the RSN's approach to long-term capability development. 'Customised by the Defence Science and Technology Agency for Singapore's needs, the Invincible-class submarines are designed for operations in shallow and busy tropical waters, and to be leanly crewed by the RSN's specialised submariners,' said the ministry. The additional submarines are projected for delivery from 2034 . Two of the four existing Invincible-class submarines, RSS Invincible and RSS Impeccable, were commissioned in September 2024. Mindef added that the trials and acceptance for the third and fourth submarines, Illustrious and Inimitable, are progressing well in Germany, and they are expected to arrive in Singapore by 2028. Join ST's WhatsApp Channel and get the latest news and must-reads.
AsiaOne
08-05-2025
- Business
- AsiaOne
Singapore Navy acquires 2 additional Invincible-class submarines, bringing fleet to 6, Singapore News
The Ministry of Defence (Mindef) has signed a contract with Thyssenkrupp Marine Systems to acquire two more Invincible-class submarines, growing its fleet to six from 2034 onwards. The procurement of two additional submarines was previously announced by Defence Minister Dr Ng Eng Hen at the Committee of Supply 2025 debate in Parliament on March 3. "Four submarines are not optimal for a submarine fleet," said Dr Ng. He explained that submarines are subjected to more rigorous and frequent maintenance cycles as they operate under intense pressure. This is in turn affects operational time. "This is why most navies that operate submarines have more than four — Australia, Indonesia and Vietnam", added Dr Ng. The Republic of Singapore Navy started building four custom-made Invincible-class submarines, in Germany, in 2017. Two of the four existing submarines, the RSS Invincible and RSS Impeccable, were commissioned in September 2024 and have begun operations in Singapore waters. Mindef also said that trials and acceptance for the third and fourth submarines, Illustrious and Inimitable are progressing well in Germany, and they are expected to return to Singapore by 2028. The Invincible-class submarine is designed for operations in Singapore's shallow and tropical waters. Custom-built for Singapore's needs, the four submarines possess state-of-the-art capabilities, including high levels of automation, significant payload capacity, enhanced underwater endurance, and ergonomics optimised for the Asian physique. Each submarine is 70m long, weighs 2,000 tonnes, and requires a 28-man crew to operate. [[nid:702715]] editor@
