FRANKFURT, April 15 (Reuters) - Warship makers TKMS and Spain's state-owned Navantia have signed a memorandum of understanding to explore cooperation on naval projects, including the potential
TKMS and Navantia Agree on Strategic Naval Shipbuilding Cooperation
Overview of the TKMS and Navantia Naval Cooperation Agreement
Memorandum of Understanding Signed
FRANKFURT, April 15 (Reuters) - Warship makers TKMS and Spain's state-owned Navantia have signed a memorandum of understanding to explore cooperation on naval projects, including the potential production of TKMS submarine designs at Navantia's shipyards in Spain, the companies said on Wednesday.
Scope and Objectives of the Agreement
The agreement covers potential projects in Europe, within NATO and worldwide, and comes as both companies cite growing demand for naval vessels and bottlenecks in shipyard capacity and technological resources across Europe.
Key Points of the Cooperation
- Parties agreed to initiate management-level discussions in full compliance with competition and export control regulations
- The aim of talks is to explore how closer cooperation can help realise projects "more efficiently, quickly, and cost-effectively"
Company Profiles
Navantia
Navantia is wholly owned by SEPI, a Spanish state holding company attached to the Ministry of Finance, and employs nearly 6,000 people in Spain
TKMS
TKMS, which is majority-owned by German industrial firm Thyssenkrupp, employs more than 9,100 people at shipyards in Kiel, Wismar and Itajai, Brazil
Industry Perspective
"It is crucial that European industrial companies collaborate more closely," said TKMS CEO Oliver Burkhard
Reporting Credits
(Reporting by Christoph SteitzEditing by Linda Pasquini)
