German shipbuilding giant TKMS achieves autonomy
Thyssenkrupp, the German industrial giant, is set to spin off its marine systems division, Thyssenkrupp Marine Systems (TKMS), transforming it into an independent and publicly listed entity. Here's what you need to know about this significant move.
Corporate Structure
The planned management structure includes a supervisory board predominantly filled by the parent company, with six out of ten members determined by Thyssenkrupp. Notably, the Krupp Foundation, the largest single shareholder of Thyssenkrupp AG, is expected to receive a seat on the TKMS supervisory board.
Investor Attractiveness
The spin-off is expected to increase attractiveness for investors due to clearly defined business models, eliminating the disadvantages often associated with conglomerates. TKMS currently boasts a substantial order backlog of over 18 billion euros.
Government Involvement
The federal government is considering a security agreement with TKMS, granting special information and consultation rights for sensitive activities. This agreement is planned to be concluded by the end of September. Additionally, the federal government has agreed on approval and pre-emption rights with Thyssenkrupp in a position paper.
Operational Details
TKMS employs around 8,300 people across locations in Kiel, Wismar, Itajaí (Brazil), Hamburg, Bremen, and Emden. Oliver Burkhard, previously Thyssenkrupp's HR director, is the CEO of TKMS. The marine division's independence is part of a planned corporate restructuring at Thyssenkrupp, which aims to set up all divisions independently and open them up for third-party participation.
Future Leadership
The specific members of the supervisory board for TKMS AG & Co. KGaA following its spin-off from Thyssenkrupp have not been explicitly listed. It is clear, however, that Thyssenkrupp AG retains a 51% majority stake in TKMS, thereby maintaining strategic control and stability. Prof. Dr.-Ing. Siegfried Russwurm, Chairman of the Supervisory Board at Thyssenkrupp AG, has commented on the spin-off, but there is no confirmation that he will be on TKMS’s supervisory board. The federal government will have the right to propose a member for the new TKMS supervisory board.
Recent Successes
TKMS has recently received orders for submarines from Germany, Norway, Israel, and Singapore, and won the contract for the construction of the new German research ship 'Polarstern 2'. As TKMS transitions into an independent entity, it will be interesting to see how these developments unfold.
The spin-off of TKMS is intended to give it greater entrepreneurial freedom, and for the most up-to-date and detailed composition of the new TKMS supervisory board, official releases from TKMS or Thyssenkrupp closer to or after the completion of the spin-off would be the authoritative source. As of August 2025, this specific information does not appear publicly available in the cited documents.
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The spin-off of Thyssenkrupp Marine Systems (TKMS) could attract investors from the finance industry, as the separation may eliminate the disadvantages often associated with conglomerates, providing clearly defined business models. Furthermore, TKMS's significant presence in the aerospace industry, with a substantial order backlog of over 18 billion euros, could attract investors looking to diversify their portfolios.
