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Thyssenkrupp Firm Looks to Expand Shipbuilding

German warship maker Thyssenkrupp seeks to boost industry size

The new CEO of Thyssenkrupp Marine Systems, the new CEO of Germany’s second largest defense group, Thyssenkrupp Marine Systems, Oliver Berkeard, said that his company wants to become the leading German and European shipbuilder, and indicated that if the path to leadership in Europe is difficult, it will seek to dominate the German market first.

Berkeard indicated that a merger deal, for example, could take place with smaller German rivals such as Luersen and German Naval Yards.

The company has been building and boosting its production capacity since the German government announced that it would inject funds of up to 100 billion euros into the military sector after Russia declared war on Ukraine.

The company is constantly looking for new production sites and has indicated that there are a number of potential opportunities for it, and Thyssenkrupp has stated that it is interested in buying parts from cruise ship builder MV Werften, which filed for financial distress in January of this year.

Thyssenkrupp reported better-than-expected results in the second quarter as it raised its guidance to highlight increased revenue and improved margins in industrial materials services and steel production.

The company expects to earn 2.0 billion euros ($2.10 billion) in the full year before interest and taxes, compared to its previous estimate of 1.8 billion euros, noting that quarterly profit rose to 802 million euros during the three months ended March 31, beating analysts’ estimates. does not exceed 576 million euros.

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