Canada selects German firm TKMS to build new fleet of submarines | FULL

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The federal government has picked German firm TKMS to supply 12 new submarines to replace Canada’s aging fleet, Canadian Prime Minister Mark Carney said on Monday.

Carney made the announcement while touring a Canadian Armed Forces base in Halifax on Monday afternoon, shortly before leaving for the NATO summit in Ankara, Turkey.

Canada has been in the process over recent years of assessing offers for its plan to purchase 12 new submarines for the Royal Canadian Navy. The frontrunners for Canada’s new submarine contract were TKMS and South Korean firm Hanwha Oceans.

“We will now enter into negotiations to procure up to 12 submarines, and that process is commercially sensitive. And as always, we will not negotiate in public so as to maintain the strongest possible position for Canada,” Carney said.

The federal government will not reveal the final contract price until negotiations are complete, Carney said, adding however that a condition of the deal is that “the value of our investment must be matched with investment here in Canada.”