Meyer Werft and Finnish Government Finalize Acquisition of STX Finland Turku Shipyard

Following weeks of negotiations, the Finnish Government and German shipbuilder Meyer Werft have signed an agreement the purchase of the STX Finland's Turku shipyard. A share purchase agreement with current owner STX Europe gives Meyer Werft a 70% stake of the new company, with the Finnish Government holding 30%. The plan is to rename the company from STX Finland Oy to Meyer … [Read more...]

Meyer Werft and Finnish Government Plan to Buy STX Finland’s Turku Shipyard

HELSINKI, June 30 (Reuters) - Germany's closely held Meyer Werft and the Finnish government are nearing a deal to buy the Turku shipyard in southwestern Finland from STX Europe , the Finnish economy ministry said on Monday. STX Europe belongs to Korean STX. The Turku shipyard specialises in building cruise ships and has suffered from a lack of orders in recent years. STX … [Read more...]

STX Finland to Close Rauma Shipyard

A dip in the global economy has forced STX Finland to move forward with the closure of its Rauma Shipyard, the company announced Monday. In a statement, STX Finland announced that its Board has unanimously approved a restructuring of the company which will see current operations at the Rauma Shipyard ramped down and functions shifted to the Turku Shipyard. “The … [Read more...]

As Debt Problems Worsen, STX May Sell off Shipyards Worldwide

SEOUL, May 3 (Reuters) - South Korea's STX Offshore & Shipbuilding Co Ltd said on Friday it is considering the sale of shipyards in France, Finland and China as STX Group looks to address its mounting debt. Holding company STX Corp - and affiliates STX Heavy Industries Co Ltd and STX Engine - have applied to creditors for corporate restructuring, main creditor Korea … [Read more...]