Where is the money to replace Canada's aging submarines? It wasn't in the 2025 federal budget [BNN Bloomberg (Canada)]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: BNN Bloomberg
The Royal Canadian Navy is in the market to buy 12 conventional diesel-electric powered submarines and the federal government has narrowed the competition to two companies: ThyssenKrupp Marine Systems (TKMS) and Hanwha Ocean. Canada currently has four aging submarines, only one of which is operational. The entire fleet is at risk of becoming obsolete by 2035, held together by parts that can't be replaced, because they're no longer being produced. At a Saturday news conference in Ottawa to promote the budget, Defence Minister David McGuinty said “it's hard to book money when you haven't got a price on acquisition.” He insisted the procurement is on track, and that funding the new submarine fleet will be part of Canada's NATO military spending commitments. “We're well on our way to achieving the 2 per cent (GDP) target by March 31 and we're laying track for the 3.5 and 5 per cent by 2035.” When asked by CTV News if a decision can be expected by the end of the year, McGuinty sai
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News
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- Norwegian defence company pitches Ottawa as Arctic partner in sub procurement [Yahoo! Finance Canada]Yahoo! Finance Canada
- ThyssenKrupp (OTCMKTS:TKAMY) was upgraded by analysts at Zacks Research to a "hold" rating.MarketBeat
- Thyssenkrupp warship spinoff TKMS taps into Europe’s defense boom with Frankfurt IPO [MSNBC.com]MSNBC.com
- Thyssenkrupp renegotiates 10 billion euros in unit TKMS' guarantees before spin-off [Yahoo! Finance Canada]Yahoo! Finance Canada