TKMS acquires MV Werften

German systems provider for submarines, surface ships, and maritime electronics, thyssenkrupp Marine Systems (TKMS), is to take over the shipyard location of MV Werften in Wismar. With a view to the future, TKMS could produce submarines in Wismar during the course of 2024, the company said in a statement. With this move, one of the most traditional shipbuilding locations in Germany has gained a long-term outlook.

The main impetus for this is an order for more submarines from the German Government and the resulting investments in the upgrading of the shipyard.

The contract now signed marks the end of an open investment process for the Wismar shipyard lasting several months. The insolvency administrator of MV Werften, Dr Christoph Morgen, commented: “I am delighted that with thyssenkrupp Marine Systems we have found a new owner who will uphold shipbuilding in Mecklenburg-Western Pomerania over the long term and even expand it wherever feasible. However, I am also aware that the road to a fresh start will be long for the employees of the shipyard. That is why I shall continue to do everything I can to shape the transition and to secure employment for as many employees as possible.”

The parties agreed not to disclose the purchase price. In addition to the necessary investments in the infrastructure, further qualification of the staff is also necessary. If the order situation allows, they will be recruited primarily from a transfer company set up for the former employees of MV Werften. In addition, there is consensus on, among other things, the employment of apprentices and the establishment of co-determination structures.