The German authorities and the state of Decrease Saxony have taken motion to safe the way forward for MEYER WERFT, the famend shipbuilder in Papenburg.
As a part of the deal, the federal authorities and state are collectively buying roughly 80% of the shipyard’s shares and investing 400 million euros. Moreover, each entities plan to offer ensures of round one billion euros every to finance current agency orders and stabilize the corporate.
Privately-owned MEYER WERFT, one of many world’s largest builders of cruise ships and a cornerstone of the German shipbuilding trade for over 225 years, has confronted monetary challenges as results of the COVID-19 pandemic, the Russian-Ukrainian battle, and rising commodity costs. Regardless of these challenges, the corporate has just lately secured orders value 11 billion euros till 2031, together with vital orders from each Disney Cruise Line and Carnival Cruise Line, highlighting rising demand for brand new ships as passengers return to the seas in droves.
The refinancing effort goals to safeguard greater than 3,000 direct jobs on the shipyard and hundreds extra within the provider community. Unbiased specialists estimate that over 20,000 jobs in Germany rely on the shipyard’s continued operation.
“We firmly consider that our firm, with its revolutionary expertise and devoted staff, has a future,” mentioned Bernd Eikens, CEO of MEYER WERFT. “We’re assured that collectively we are going to emerge stronger from this disaster and keep our place as one of many main firms in worldwide shipbuilding.”
Whereas the federal government’s involvement is substantial, it isn’t meant to be everlasting. All events concerned purpose to ultimately return MEYER WERFT to personal possession, with the Meyer household retaining a buy-back proper.
Bernard Meyer, representing the proprietor household, expressed gratitude for the help whereas sustaining optimism for the long run: “I’m very grateful that everybody pulled collectively to construct this monetary bridge for us. Nevertheless, I’m additionally satisfied that we are going to now be capable to appropriate course beneath our personal steam and can someday be an economically wholesome and profitable, family-run flagship firm once more.”
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