Insolvent German shipyard acquired by new owners

Photo: TKMS

Defence firm Thyssenkrupp Marine Systems (TKMS) will take over the shipyard location of MV Werften in Wismar, Germany.

TKMS intends to use MV Werften’s Wismar facilities for the construction of submarines beginning in 2024 in fulfilment of an order placed by the German government for additional boats.

The contract between TKMS and MV Werften concludes an open investment process for the Wismar shipyard lasting several months. The process followed in the wake of MV Werften’s filing for bankruptcy in January of this year after it was unable to pay the salaries of around 2,000 of its employees for the month of December 2021.

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