German warship builder TKMS expects to decide in the next few weeks on whether to buy neighbouring shipyard German Naval Yards Kiel (GNYK), its CEO Oliver Burkhard said on Monday, as the
German warship builder TKMS expects to decide in the next few weeks on whether to buy neighbouring shipyard German Naval Yards Kiel (GNYK), its CEO Oliver Burkhard said on Monday, as the group considers expansion to meet rising demand.
TKMS, which was spun off from parent Thyssenkrupp in October, already bought insolvent shipbuilder MV Werften in 2022, and a purchase of GNYK would further increase its capacity at a time when governments boost defence spending.
Talks with GNYK, which is owned by France-based shipping group CMN Naval, are currently underway, and Burkhard said TKMS was in what he called a "pre-due-diligence" stage to see whether a purchase made sense.
"For us, this would be a good opportunity, but it is not a must. And I believe it is important that we know very quickly whether it is worthwhile to deepen talks," Burkhard told reporters after presenting full-year results.
TKMS GIVES MUTED OUTLOOK
In a sign of how attractive the naval defence sector has become, Rheinmetall, Europe's largest ammunition maker, in September agreed to buy the warship division of another German shipbuilder, Luerssen Group, for around 1.35 billion euros ($1.57 billion).
Shares in TKMS were flat on Monday after
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