Thyssenkrupp's shareholders approved the separation of the TKMS division in order to capitalize on its potential in the context of rising European military budgets.
Raluca Ioana Draghici
Economy
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Thyssenkrupp has decided to spin off 49% of its defense division, TKMS, as part of a restructuring aimed at capitalizing on rising European military budgets. TKMS, known for producing submarines and frigates, has increased its order book to more than €18 billion. The separation is planned for mid-October, and the German government has sought to secure its influence over strategic defense assets. The move comes in the wake of the Russian invasion of Ukraine and calls from the US for increased defense spending in Europe.
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