Thyssenkrupp AG has approved the spin-off of the company’s marine business, thyssenkrupp Marine Systems (TKMS), paving the way for a new, publicly listed player in the maritime defense market.
Under the approved plan, 49% of shares in the newly formed TKMS AG & Co. KGaA will be distributed directly to shareholders, while thyssenkrupp AG will retain a 51% majority stake to maintain strategic control.
The listing of TKMS AG & Co. KGaA on the prime standard segment of the Frankfurt Stock Exchange is planned for the current calendar year. The transaction is an important step in the strategic realignment of the thyssenkrupp Group.
“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,” Siegfried Russwurm , Chairman of the Supervisory Board of thyssenkrupp AG, stated.
“Becoming independent gives TKMS the entrepreneurial freedom it needs to further develop technological excellence and make a substantial contribution to national and alliance defense. At the same time, this strengthens the security policy capabilities of Germany and Europe.”
“With entrepreneurial independence, TKMS gains the freedom to drive innovation more rapidly, invest in a targeted manner, and respond flexibly to customer and market requirements. The agility and accountability of an independent company enable TKMS to take advantage of market opportunities more consistently and compete sustainably on an international level,” Miguel López, CEO of thyssenkrupp AG , said.
TKMS’ order backlog has grown significantly in recent years. Recent major orders include several submarine projects for European and international navies, as well as the construction of the research vessel Polarstern II.
In June this year, the company signed a landmark €800 million contract with the Federal Office of Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw) to support the German Navy’s submarine fleet.