ThyssenKrupp to spin off a 49% stake in TKMS.

ThyssenKrupp, a German industrial engineering and steel production multinational conglomerate, is set to spin off a 49% stake in TKMS, a group and holding company of providers of naval vessels, surface ships and submarines. Financial terms were not disclosed. "Our new brand identity helps us to be perceived even more strongly as an independent company, in line with our plans to be listed on the stock exchange later this year. The abbreviation TKMS, used extensively thus far, is now a separate brand that combines our tradition, our present and our future. It is bold and stands for technological excellence, precision and clarity. All in line with our claim ‘Your Maritime Powerhouse’," Oliver Burkhard, TKMS CEO.