Thyssenkrupp is exploring several strategic options for its warship unit, ranging from combining it with Italy's Fincantieri to creating a national champion with German peers, a person familiar with the matter said.
FILE PHOTO: The logo of German steelmaker ThyssenKrupp AG is seen on an escalator at Frankfurt's main railways station in Frankfurt, Germany, January 23, 2020. REUTERS/Wolfgang Rattay
As part of the deliberations, the steel-to-car parts conglomerate is in talks with shipbuilder Fincantieri about a 50-50 joint venture to create a European champion with combined sales of 3.4 billion euros , the person said. Thyssenkrupp is also in early discussions to merge TKMS with smaller German rivals Luerssen and German Naval Yards to create a national powerhouse in a bid to keep critical defense technology in the country and safeguard jobs, the source said.
Thyssenkrupp might also decide to keep the division, which generated 1.8 billion euros of sales and 1 million of adjusted operating profit in the last fiscal year, and develop it further on its own, the source said.
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