German shipbuilder and defence specialist TKMS has secured a substantial order from Canada, with a value running into the billions. The deal confirms the company's standing as one of Europe's leading builders of submarines.
Almost in American hands
Less widely known is that the group came close to taking a very different path shortly before. An investor from the United States, with connections reaching into the circle around President Donald Trump, was reportedly on the verge of buying a stake. Such a move would have shifted control over strategically sensitive defence technology partly outside Germany.
Critics warn that a foreign shareholder in a company so central to national security can become a liability. American involvement could have served as political leverage during periods of tension between allies.
Why it matters for manufacturing
The episode touches on a broader concern facing European industry: how to keep critical production and engineering capabilities under domestic control. Building submarines demands highly specialised knowledge in steel construction, propulsion, sensors and systems integration. Those skills cannot easily be rebuilt elsewhere.
The Canadian order strengthens the order book and job security across the supply chain.
Ownership of defence firms remains a sensitive political issue.
Governments are scrutinising foreign investment in strategic sectors more closely.
For TKMS, the outcome means attention can now focus fully on delivering the new contracts. At the same time, the near-takeover shows how vulnerable even successful defence companies remain when it comes to ownership and control.