German naval company ThyssenKrupp Marine Systems (tkMS) has acquired the shipyard location of MV Werften in Wismar, Germany.

The employees were informed about the takeover during a meeting by the MV Werften’s insolvency administrator Dr Christoph Morgen.

The meeting was also attended by tkMS CEO Oliver Burkhard, Mecklenburg-Western Pomerania Minister of Economics Reinhard Meyer and IG Metall district manager Daniel Friedrich.

This acquisition marks the end of an open investment process for the Wismar shipyard that lasted for several months.

Following the deal, tkMS plans to undertake submarines production work at Wismar shipyard throughout 2024.

The plans by tkMS come after the German Government placed an order for more submarines, resulting in investments to upgrade the shipyard.

Furthermore, tkMS has signed a joint agreement with IG Metall Coast for opening up employment opportunities at the Wismar shipyard.

tkMS is expected to hire around 800 new employees, if the production work increases in 2024.

This number may increase to more than 1,500 employees, if the company receives additional orders in the surface sector.

According to the agreement, the staff will primarily be hired through a transfer company set up for MV Werften’s former employees.

Additionally, tkMS and IG Metall Coast have agreed on the employment of apprentices as well as on establishing the co-determination structures.

Oliver Burkhard said: “With Wismar, we are sending a clear signal: tkMS is growing and intends to shape the future of this industry.

“The Wismar site and its employees have now been given the genuine prospect of a bright future, thanks to tkMS.”