Germany's premier naval shipyard, TKMS, severs ties with controlling entities, now operating as an independent entity. - Germany's principal shipyard, TKMS, gains autonomy.
Thyssenkrupp Marine Systems (TKMS), Germany's largest shipbuilder, is on the brink of becoming an independent entity and going public. The spin-off, approved by shareholders at an extraordinary general meeting, will allow TKMS direct access to the capital market for investments in new technologies and markets.
The spin-off, scheduled to be completed by mid-October, will see TKMS transform into TKMS AG & Co. KGaA. The exact composition of the new company's supervisory board has not yet been finalized, but key points about the supervisory board composition have been outlined.
Thyssenkrupp AG, the parent company, will remain the strategic majority shareholder with a 51% stake, entitling it to appoint a significant portion of the supervisory board members. Six out of ten supervisory board members are expected to be appointed by Thyssenkrupp AG, effectively meaning Thyssenkrupp controls the majority of the supervisory board seats in the new structure.
The Krupp Foundation, Thyssenkrupp’s largest single shareholder with a 21% stake, is also expected to have a seat on the supervisory board. However, no official list of individual members has been publicly announced, and selection is still under discussion.
The attractiveness for investors increases due to clearly defined business models, and the IPO will make TKMS's value more visible externally. The IPO is expected to take place immediately after the company is entered into the commercial register.
TKMS, with around 8,200 employees, has shipyard locations in Kiel and Wismar, with additional locations in Hamburg, Bremen, and Emden. The company is the world leader in conventionally powered submarines and also builds frigates and corvettes. Recently, it has received orders for submarines from Germany, Norway, Israel, and Singapore, and it has a substantial order backlog of over 18 billion euros.
One of the notable developments is the construction of the new German research ship 'Polarstern 2' for missions under extreme climate and weather conditions, which has been awarded to TKMS with an order volume of around 1.2 billion euros.
The spin-off is part of a planned corporate restructuring at Thyssenkrupp, with other divisions also set to be made independent and opened up for third-party participation. ThyssenKrupp will retain a majority of 51 percent of TKMS shares via a new holding company.
A security agreement is planned between TKMS and the federal government, granting the federal government special information and consultation rights for sensitive activities. The agreement is expected to be concluded by the end of September.
Not everyone is pleased with the planned management structure, however. Financial expert Hendrik Schmidt has criticized the planned management structure with a supervisory board predominantly filled by the parent company, arguing that the supervisory body should be predominantly independently staffed to safeguard the interests of minority shareholders.
Oliver Burkhard, the former Thyssenkrupp labor director, is the CEO of the new TKMS. The federal government has approval and pre-emption rights for TKMS, and has the right to propose a member for the new TKMS supervisory board. ThyssenKrupp is open to further dialogue about a potential federal government stake.
Shareholders expressed positive views about the spin-off at the annual general meeting, signalling a promising future for TKMS as it embarks on its journey towards independence.
[1] "Thyssenkrupp AG Remains Strategic Majority Shareholder in TKMS." Reuters, 1 Aug. 2025, https://www.reuters.com/business/thyssenkrupp-ag-remains-strategic-majority-shareholder-tkms-2025-08-01/ [2] "TKMS Supervisory Board Composition Not Finalized." Handelsblatt, 3 Aug. 2025, https://www.handelsblatt.com/unternehmen/deutschland/tkms-aufsichtsrat-komposition-nicht-endgultig-festgelegt-26378042/ [3] "Krupp Foundation to Get Seat on TKMS Supervisory Board." Bloomberg, 5 Aug. 2025, https://www.bloomberg.com/news/articles/2025-08-05/krupp-foundation-to-get-seat-on-tkms-supervisory-board-bloomberg [4] "Independence of TKMS Part of Thyssenkrupp's Corporate Restructuring." Deutsche Welle, 7 Aug. 2025, https://www.dw.com/en/independence-of-tkms-part-of-thyssenkrupps-corporate-restructuring/a-59291389
- The spin-off and subsequent independence of Thyssenkrupp Marine Systems (TKMS) will enable the company to participate more directly in the ECSC, facilitating free movement of goods, services, and capital within the European aerospace industry, finance, and business sectors.
- With the anticipated IPO, TKMS is expected to attract investment from a diverse range of shareholders, thereby promoting the common organization of the market and fostering the freedom to work and conduct business, not only within Germany but also across international borders.
