Naval Autonomy or Market Exit? Germany’s Strategic Dilemma over the TKMS Spin-Off

Germany’s ongoing negotiations with Thyssenkrupp over the future of its naval division, Thyssenkrupp Marine Systems (TKMS), reveal the broader tensions between national security imperatives and market-driven industrial restructuring. The planned spin-off of 49% of TKMS—expected to be completed by year’s end—has triggered political, strategic and economi…