Canada picks Germany’s TKMS for new submarines
Summary
Canada has chosen Germany’s TKMS to build up to 12 new submarines to replace its old fleet. The deal, the largest defense purchase in Canadian history, aims to strengthen Canada’s security with support from NATO allies.Key Facts
- Canada plans to buy up to 12 submarines from Germany’s TKMS.
- This is Canada’s biggest ever defense procurement.
- The contract should be finalized by the end of next year, with first subs expected by 2034.
- TKMS made the bid together with Norway and beat South Korea’s Hanwha Ocean.
- Canada currently has four submarines.
- The deal could cost between 20 and 30 billion Canadian dollars just for the submarines, and up to 50 billion Canadian dollars including operation and maintenance.
- Canada has already met NATO’s goal of spending 2% of its GDP on defense, earlier than planned.
- TKMS shares rose 11% after the announcement.
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