German newspaper Handlelsblatt is reporting that ThyssenKrupp’s shipyard in Kiel is in turmoil with significant losses prompting a management shuffle.
The yard is reportedly letting go of its chief financial officer Evelyn Müller amid massive delays on delivering ships on time that has created large losses this year.
ThyssenKrupp has been looking to sell the yard but has failed to garner any interest.
Worse still, the yard has become embroiled in a high level corruption scandal unfolding in Israel over a EUR2bn contract.