thyssenkrupp CEO expresses disappointment.
Kiel inner fjord Photo: hum
Oliver Burkhard, member of the Executive Board of thyssenkrupp AG and CEO of thyssenkrupp Marine Systems, announced with regret on 22 October that Carlyle will not be pursuing the valuation process for a possible partial sale of the marine division. For reasons of confidentiality, no further details will be provided. Mr Burkhard made it clear that Carlyle's withdrawal from the bidding process was not based on business reasons and was not related to the quality or financial performance of the company.
The Handelsblatt and other business news media report that concerns on the part of the German government were the cause. According to reports, the expressions of interest from other bidders and the delay in the decision on a state investment led Carlyle to abandon its commitment to tkMS. In earlier statements by representatives of the German government, the federal government's interest in acquiring a stake in the marine division of thyssenkrupp confirmed. A stake of 20 per cent or more was being discussed.
Are NVL one of the other interested parties? Speculation. Oliver Burkhard and Friedrich Lürßen, partners in the NVL group of companies, used SMM 2024, the leading trade fair for the maritime industry, to sign a cooperation agreement on the construction of the future German Navy F127 frigate class.
Oliver Burghardt and Friedrich Lürssen. Photo: hsc
According to Oliver Burkhard, tkMS remains on course for "Road2Independence" after Carlyle's exit, i.e. on the path to the separation or independence of Marine Systems from ThyssenKrupp. He emphasised: "The talks with the German government regarding the state's participation in our marine business have not yet been concluded. At the same time, intensive explorations and examinations of other valuable options are continuing. These include industrial partnerships and/or capital market options."
The spin-off of the Kiel-based shipbuilder from its parent company has been under discussion since 2020. In the Essen-based company's annual report from autumn 2020, measures to increase performance and "possible partnerships and consolidation options" in connection with Marine Systems are addressed "due to the specific market and industry situation".
Carlyle Group, one of the largest US private equity firms based in Washington, D.C., reported record results for 2023. This includes assets under management totalling 426 billion US dollars (394 billion euros). Carlyle speaks of the third best fundraising year in the company's history.
With a comprehensive range of services in naval shipbuilding, the company has positioned itself thyssenkrupp Marine Systems as the third largest German company in the defence sector. The Kiel-based company is well positioned, which is a counterpoint to the not always positive reports about the Essen-based parent company in recent times.
History seems to be repeating itself here. In 2002, the German government began to reverse the investment of another US private equity company, One Equity Partners (OEP), in Kiel-based HDW. As a result thyssenkrupp the impetus for the merger of the former Howaldtswerke-Deutsche Werft (HDW) in Kiel, HDW-Nobiskrug in Rendsburg, Blohm+Voss and Blohm+Voss Repair in Hamburg, Nordseewerke in Emden and Kockums in Sweden and Hellenic Shipyards in Greece.
Text: hsc/hum
Photos: hsc / Michael Nitz
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