German industrial titan Thyssenkrupp’s shareholders on Friday backed a spin-off of its warship and submarine-building unit, seeking to better position the group to benefit from a European defence boom.

Countries have been rearming to face the growing Russian threat and in response to pressure from US President Donald Trump for NATO allies to contribute more to the alliance, giving a boost to the continent’s weapons manufacturers.

Thyssenkrupp’s establishment of its defence branch as an standalone entity is also the latest move in a restructuring at the storied manufacturer whose other divisions — notably the traditional steel business — are facing problems.

“Against the backdrop of the current security situation in Europe and around the world, it is crucial that Germany and its partners

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