US EditionGerman Shipyard, Rescued by the State, Gets Mega Deal
The €10 billion deal from MSC Cruises will keep Meyer Werft’s Papenburg yard busy until 2035, securing jobs and preserving shipbuilding expertise after a state rescue.
- At a Berlin press conference on Monday, Economy Minister Katherina Reiche announced Meyer Werft, German shipbuilder, secured a €10 billion MSC Cruises order through 2033.
- After near-bankruptcy driven by the pandemic and war in Ukraine, Berlin took an 80.7 percent share of Meyer Werft to stabilize the yard, officials said.
- The deal foresees construction of four to six ships, with a final contract to be negotiated over the next six months, utilizing the Papenburg yard through 2035, officials said.
- Officials say the move is meant to stabilise Meyer Werft ahead of re-privatization, securing jobs and industrial know‑how, while Economy Minister Katherina Reiche gave no date for relinquishing shares.
- Katherina Reiche, Economy Minister, said `This order will keep the yard busy until well into the next decade` and Olaf Lies, minister president of Lower Saxony, called shipyards systemically important, linking output to defence capability.
48 Articles
48 Articles
Papenburger Meyer Werft receives a billion order from the Swiss shipping company MSC. This means that the yard will be used up until 2036. According to the Federal Ministry of Economics, four to six ships with a contract value of ten billion euros are involved.
The semi-nationalized shipyard is supposed to deliver up to six ships to the Swiss shipping company. However, the traditional company has not yet been renovated.
Shortly before Christmas, thousands of employees in Papenburg and Rostock receive a good news: Meyer Werft is supposed to build several cruise ships. The main owner is also pleased: the state.
The largest German shipyard is to build cruise ships for the Swiss shipping company MSC for up to ten billion euros. The order is a bright light after years of loss – and it could have an impact on the ownership structures of Meyer Werft.
A billion-dollar order from the cruise giant MSC Cruises secures the future of Meyer Werft in Papenburg – and thus thousands of jobs.
The employees of Meyer Werft have had to take a lot of action in recent years. The management has now won new orders - the work in Papenburg is secured for ten years.
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