ThyssenKrupp Marine Systems (tkMS) has acquired a shipyard at Wismar, Germany, from MV Werften, which filed for bankruptcy earlier this year.

The financial terms of the transaction were not revealed.

Beginning in 2024, the company plans to use the Wismar location to produce submarines.

The acquisition follows an order from the German Government for more submarines, which would lead to investments in the upgrading of the shipyard.

If production accelerates in the course of 2024, tkMS plans to recruit at least 800 new employees. This could increase to as many as 1,500 new employees at the Wismar site if the company secures more orders in the surface sector.

Mecklenburg-Western Pomerania Minister of Economics Reinhard Meyer stated: “The new owner, ThyssenKrupp Marine Systems, has identified encouraging prospects for the shipyard site. In the past, the employees have successfully proven that they can build ships and master complex challenges.

“There is an opportunity with thyssenkrupp Marine Systems to preserve as many jobs as possible in the maritime industry.”

If the order situation allows it, tkMS plans to mainly hire from a transfer company established for MV Werften’s ex-employees.

tkMS CEO Oliver Burkhard said: “We come to Wismar to give not only Marine Systems, but also the location and the people here, a real perspective.

“Shipbuilding is where we come from and shipbuilding is where we want to go. And we will do this together with the workforce – and with as many as we can! We are convinced that together we can be successful and that this partnership is good for everyone.”

In 2014, Saab acquired thyssenkrupp Marine Systems, which delivers systems for non-nuclear submarines and high-end naval vessels.

The company also serves as a systems provider for maritime electronics and security technologies.