Germany is preparing for a huge investment: it would acquire a stake in the world’s leading submarine manufacturer

By RockedBuzz 2 Min Read

Speaking during a visit to the naval enterprise’s plant in Kiel, the politician confirmed the Handelsblatt business paper’s information about the property acquisition plans. As he said, they are still considering the options and are expected to make a decision by the end of the year.

Managing director Oliver Burkhard said that they need “fresh capital” because the company is starting to grow strongly and it is not certain that the current main owner, Thyssen-Krupp, will finance the developments.

Employing more than 3,000 people at the Kiel plant, providing employment to roughly 15,000 people together with the suppliers operating in the region The capacities of TKMS are occupied until 2034. The Minister of Defense also visited the factory with his Norwegian colleague, Bjorn Arild Gram, on the occasion of the launch of a new project.

The company has started the production of class 212CD submarines – according to its information, the most modern conventional, i.e. non-nuclear powered submarine type – in a hall specially built for this purpose. The start of production of the new type also means 400 new jobs.

The production of the 212CD is the largest undertaking in the history of the company, which is also interested in the Israeli and Indian markets, among others. The Norwegian government has ordered four of the 74-meter-long, 10-meter-wide and 13-meter-high submarine, the German government has ordered two, and it has an option to order another 4-6 units. The first copy is being made for the Norwegian Navy, and it is planned to be completed in 2029.

Cover image source: Getty Images

Share This Article
Leave a comment