The German government and the state of Lower Saxony have taken action to secure the future of MEYER WERFT, the renowned shipbuilder in Papenburg.
As part of the deal, the federal government and state are jointly acquiring approximately 80% of the shipyard’s shares and investing 400 million euros. Additionally, both entities plan to provide guarantees of around one billion euros each to finance existing firm orders and stabilize the company.
Privately-owned MEYER WERFT, one of the world’s largest builders of cruise ships and a cornerstone of the German shipbuilding industry for over 225 years, has faced financial challenges as result of the COVID-19 pandemic, the Russian-Ukrainian conflict, and rising commodity prices. Despite these challenges, the company has recently secured orders worth 11 billion euros until 2031, including significant orders from both Disney Cruise Line and Carnival Cruise Line, highlighting increasing demand for new ships as passengers return to the seas in droves.
The refinancing effort aims to safeguard more than 3,000 direct jobs at the shipyard and thousands more in the supplier network. Independent experts estimate that over 20,000 jobs in Germany depend on the shipyard’s continued operation.
“We firmly believe that our company, with its innovative technology and dedicated team, has a future,” said Bernd Eikens, CEO of MEYER WERFT. “We are confident that together we will emerge stronger from this crisis and maintain our position as one of the leading companies in international shipbuilding.”
While the government’s involvement is substantial, it is not intended to be permanent. All parties involved aim to eventually return MEYER WERFT to private ownership, with the Meyer family retaining a buy-back right.
Bernard Meyer, representing the owner family, expressed gratitude for the support while maintaining optimism for the future: “I am very grateful that everyone pulled together to build this financial bridge for us. However, I am also convinced that we will now be able to correct course under our own steam and will one day be an economically healthy and successful, family-run flagship company again.”
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