Israel inks $3.4B deal with TKMS to buy three submarines

Israel inks $3.4B deal with TKMS to buy three submarines

Israel’s Ministry of Defense has signed a deal with German company ThyssenKrupp Marine Systems to build three new submarines for the Israeli Navy.

The contract, worth €3 billion ($3.4 billion), was signed today. The two countries also signed a strategic cooperation agreement worth more than €850 million ($965 million), Israel’s MoD revealed.

“I would like to thank the German government for its assistance in advancing the agreement and for its commitment to Israel’s security,” Defense Minister Benny Gantz commented.

“I am confident that the new submarines will upgrade the capabilities of the Israeli Navy, and will contribute to Israel’s security superiority in the region.”

According to the country’s officials, the first submarine is scheduled to be delivered within nine years.

In July last year, TKMS delivered two SA`AR 6-class corvettes to the Israeli Navy. The company built the ships in a joint venture with German Naval Yards Kiel.

Source: navaltoday