TKMS Drops Out of Race to Acquire GNYK
German warship builder TKMS said on Tuesday it is no longer interested in acquiring smaller shipyard German Naval Yards, also known as GNYK.That would make German defence group Rheinmetall the only bidder currently in the running to purchase the ship maker, which has about 350 staff.Handelsblatt first reported on TKMS dropping out of the bidding earlier on Tuesday.Europe's naval firms are exploring tie-ups and partnerships amid accelerating consolidation in the booming defence sector, with Rheinmetall, the region's top ammunition maker, having last year joined the fray after the purchase of sh
Germany Deploys Vessels to the Red Sea For Possible Hormuz Mission
Germany is deploying two ships to the Red Sea in preparation for a possible military mission in the Strait of Hormuz, Germany's defence minister, Boris Pistorius, said on Thursday.Hours after U.S.
US to Reduce Military Contributions to European Allies
The U.S. intends to significantly reduce military contributions available to assist European allies in a crisis, including fighter jets, warships and mid-air refuelling aircraft, German news outlet Spiegel reported on Tuesday.The NATO alliance is under unprecedented strain, with some European countries concerned that Washington may withdraw outright.U.S. President Donald Trump has slammed European allies for not spending enough on their militaries and pledged to withdraw thousands of troops from Germany.
TKMS CEO Calls for Defense Industry Consolidation
The chief executive of German warship builder TKMS has called for consolidation within the defence industry in a speech published on Monday ahead of the company's annual general meeting."If defence capabilities are to be established more quickly, standardisation, industrial consolidation and speed are required," CEO Oliver Burkhard said in a transcript of the speech due to be held during the AGM on Feb.
