Canada picks German firm TKMS for new submarine fleet, in one of its largest-ever procurements
Canada has selected Germany's TKMS to build a new submarine fleet in one of the nation's largest-ever procurement efforts.
📍 Where it landed
Canada selected German firm TKMS, also known as ThyssenKrupp, to build its new submarine fleet in one of its largest-ever procurements. The decision was announced on July 6 and resulted in a 23% drop in shares for South Korean firm Hanwha Ocean, which had also bid on the project. The choice of TKMS has been met with local disappointment, with one defence expert calling it "unfortunate" for the Algoma Steel region in Ontario.
Epilogue added 43d ago, after coverage quieted.
The brief
Canada has chosen German firm ThyssenKrupp (TKMS) to manufacture its next fleet of submarines. This procurement occurs as Canada increases its spending within NATO.
Coverage from the BBC and Los Angeles Times highlights the scale of the deal and its connection to NATO spending. CNBC reports a significant market reaction, noting that Hanwha Ocean shares fell 23% after losing the bid.
Attention is now turning to the domestic impact of the decision. A defense expert cited by CBC describes the deal as 'unfortunate' for Algoma Steel and the Sault Ste.
Synthesized by Newsylist from the headlines below under a strict no-invention contract. ✓ fact-checked: all claims supported by sources Updated 45d ago.
The reporting (4)
- Canada selects Germany's ThyssenKrupp to build submarine fleet as it boosts NATO spending Los Angeles Times · 46d ago
- Hanwha Ocean shares sink 23% as it loses bid to build Canada's next fleet of submarines CNBC · 46d ago
- German submarine deal 'unfortunate' for Algoma Steel, Sault Ste. Marie, Ont., region defence expert says CBC · 46d ago
- Canada picks German firm TKMS for new submarine fleet, in one of its largest-ever procurements BBC · 46d ago broke it first
Quick answers
Which company won the submarine contract?
Germany's ThyssenKrupp (TKMS) was selected to build the fleet.
How did the market react to the news?
Shares of Hanwha Ocean sank 23% following the loss of the bid.
What is the significance of this purchase for Canada?
It is described as one of Canada's largest-ever procurements and coincides with a boost in NATO spending.
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