Karl WP Beyer September 17, 2024 – As can be seen from current press releases from political and corporate circles, the economic future of the Papenburg-based MEYER Werft is now secured. The federal government and the state of Lower Saxony have an 80 percent stake in the shipyard. The public sector is investing a total of 400 million euros into the company. The federal and state governments also provide guarantees amounting to one billion euros each to finance existing firm orders.
The company emphasizes that it has made all the necessary agreements with the state, federal government and banks. The shipyard currently has orders worth 11 billion euros, some of which extend into 2031. The traditional company, which has existed for more than 225 years, got into extreme economic difficulties as a result of the effects of the corona pandemic on the cruise industry, the Russian war of aggression against Ukraine and exorbitantly increased raw material prices. The malaise was triggered not least by the strange payment conditions of the cruise industry, which allow shipping companies to pay no more than 20 percent of the newbuilding costs in advance. The 80 percent final payment is only due when the newbuildings are delivered. These four factors together endanger the employment relationships of the more than 3.000 employees of the shipyard as well as thousands of employees of suppliers in the surrounding area. It is also emphasized that the MEYER shipyard in Turku, Finland, remains privately owned by the family. It is not part of the security package.
Construction dock hall of the MEYER shipyard
Above all, the guarantees from the federal government and the state of Lower Saxony help to ensure the financial stability of the shipyard and to tackle ongoing operations and future projects. It can be assumed that, thanks to this solution, the financing banks will participate in shaping the long-term future of MEYER Werft.
The state participation will not be a permanent solution. All parties involved are pursuing the goal of returning the MEYER shipyard to private hands in the long term. The Meyer family, the owners, have been granted a right of repurchase.
