Cologne-based engine manufacturer eyes tkMS

According to the "Handelsblatt" report, the traditional Cologne-based company Deutz has expressed interest in taking over the thyssenkrupp Marine Systems (tkMS) naval shipyard.

Thyssenkrupp, the parent company and steel manufacturer from the Ruhr region, has been examining various options for the future of its naval division tkMS, which is internationally recognised in particular for the construction of submarines, for some time. The CEO of tkMS is also in favour of the company's independence with industrial partnerships.

Supply and demand

After the planned sale to US investor Carlyle fell through due to political concerns, there is now a new candidate in the form of engine manufacturer Deutz. However, according to tkMS, there have been confidential "expressions of interest in a possible partnership" from several companies.

The oldest engine factory in the world, based in Cologne, builds diesel, gas, petrol, hydrogen and electric engines as well as generator sets. Although Deutz is not yet a German defence company, the offer is no coincidence: Dr Sebastian C. Schulte, CEO at Deutz since 2022, was previously responsible for finance (CFO) at tkMS. He will therefore know whether and what offer Deutz has made. The extent to which the interest, which has not been commented on further, can shape the future with the current multi-million-euro reorganisation plans and staff cuts at Deutz remains (still) the secret of Deutz.

It remains exciting

The decision on the further development of tkMS is of strategic importance, also for the German maritime industry. The German government is even considering becoming a minority shareholder itself.

"We are increasingly moving in the direction of a spin-off," says Oliver Burkhard, CEO of tkMS. The Management Board assumes that the division will become independent via an IPO. Burkhard also said: "I am in favour of a state entry." Germany must have an interest in ensuring that the highly complex construction of military submarines remains in Germany. After all, this is defined as a "key technology" for the Federal Republic.

kdk, defence-network, n-tv