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The above-water unit of ThyssenKrupp Marine Systems can't stay afloat without the €3.5 billion in revenue that would have come with the warship order.
By
Published onJune 8, 2018 4:24 pm
Could you float us a contract? Source: DPA
Steel and engineering group ThyssenKrupp is readying the sale of its boatbuilding activities after it failed to advance in the tender of a new German warship, Handelsblatt has learned. Missing out on a contract for the MKS 180 multiuse corvette will mean ThyssenKrupp Marine Systems will have to forego €3.5 billion in revenue.
The shortfall not only puts a perilous hole in Marine Systems’ bow, it also eliminates it from winning follow-on contracts from other countries. Egypt, for example, was expected to order MKS-180s from ThyssenKrupp Marine Systems, once the go-to boatbuilder for Germany’s navy. “No navy in the world would order from a company that doesn’t also supply its domestic military,” a manager of a rival boatyard said. “Egypt will now give the contract for building frigates to the French Naval Group.”
The inability of ThyssenKrupp CEO Heinrich Hiesinger to keep the company’s boat division afloat is likely to ratchet up pressure from investors unhappy with the company’s direction. Paul Singer, a New York hedge fund manager, said ThyssenKrupp’s headquarters is bloated and criticized Mr. Hiesinger as having done little to get the company on track. “If the German national team hadn’t won a game for so long, would it still have the same coach?” Mr. Singer said in a Handelsblatt interview this week.
https://global.handelsblatt.com/companies/thyssenkrupp-considers-selling-marine-systems-sale-933121
By
Published onJune 8, 2018 4:24 pm
Andrew Bulkeley
Steel and engineering group ThyssenKrupp is readying the sale of its boatbuilding activities after it failed to advance in the tender of a new German warship, Handelsblatt has learned. Missing out on a contract for the MKS 180 multiuse corvette will mean ThyssenKrupp Marine Systems will have to forego €3.5 billion in revenue.
The shortfall not only puts a perilous hole in Marine Systems’ bow, it also eliminates it from winning follow-on contracts from other countries. Egypt, for example, was expected to order MKS-180s from ThyssenKrupp Marine Systems, once the go-to boatbuilder for Germany’s navy. “No navy in the world would order from a company that doesn’t also supply its domestic military,” a manager of a rival boatyard said. “Egypt will now give the contract for building frigates to the French Naval Group.”
The inability of ThyssenKrupp CEO Heinrich Hiesinger to keep the company’s boat division afloat is likely to ratchet up pressure from investors unhappy with the company’s direction. Paul Singer, a New York hedge fund manager, said ThyssenKrupp’s headquarters is bloated and criticized Mr. Hiesinger as having done little to get the company on track. “If the German national team hadn’t won a game for so long, would it still have the same coach?” Mr. Singer said in a Handelsblatt interview this week.
https://global.handelsblatt.com/companies/thyssenkrupp-considers-selling-marine-systems-sale-933121
