Germany's TKMS Reports Record $24 Billion Defense Order Backlog Amid Global Tensions
Germany's Thyssenkrupp Marine Systems (TKMS) has announced a record backlog of defense orders valued at $24 billion, driven by increased global defense spending. The surge in orders is attributed to ongoing conflicts, including the Russian war against Ukraine and tensions in the Middle East involving Israel, the USA, and Iran. TKMS, a subsidiary of the German engineering conglomerate Thyssenkrupp, has seen significant growth in its submarine and sonar technologies divisions, contributing to higher-than-expected profits and sales in the first half of the year. The company's order backlog rose from 18.7 billion euros at the end of December to 20.6 billion euros, reflecting a strong demand for European defense capabilities to reduce reliance on the United States. 
