Shipyards: The Future of Meyer Werft
The Meyer Werft shipyard in Papenburg sees the path to its economic future secured thanks to the extensive support it is receiving from the federal government and the state of Lower Saxony, which are jointly acquiring around 80% of the shares and investing 400 million euros.
In addition to the share acquisition, the federal and state governments are also planning to provide guarantees totaling around one billion euros each, aimed at ensuring the financial stability of the shipyard and supporting ongoing operations and future projects. This is because, despite the current financial challenges, the company has orders worth 11 billion euros through 2031 and remains in demand internationally, highlighting the importance of the shipyard for the regional and national economy, particularly in terms of jobs and technological innovation.
Meyer Werft
Meyer Werft, an integral part of the German shipbuilding industry for over 225 years and known worldwide for its high-quality cruise ships, found itself in this financial emergency due to the impact of the coronavirus pandemic, the war in Ukraine, and soaring raw material prices. This situation is also driven by the fact that 80% of the construction price is usually paid only upon delivery of the ship, forcing the shipyard to finance the construction with loans, for which the promised guarantees are used.
The refinancing will secure jobs at Meyer Werft and within its vast supplier network. In addition to the more than 3,000 people directly employed by the shipyard, thousands of other jobs in the region are directly linked to the future of the shipyard through suppliers and service providers. According to independent experts, over 20,000 jobs in Germany depend directly and indirectly on the continued operations of the shipyard.
The planned acquisition of shares by the federal government and the state of Lower Saxony is not intended to be a permanent solution, as all parties involved aim to transfer Meyer Werft back into private hands in the long term. In fact, the Meyer family has been granted a corresponding buy-back right.
Disney Wish by Meyer Werft
Origin by Meyer Werft
Bernd Eikens, CEO of Meyer Werft, emphasized that the goal is to lead Meyer Werft and its employees into a secure and successful future, expressing confidence in the company’s future and stating that once the crisis is overcome, it will surely maintain its position as a leading company in international shipbuilding. He also thanked employees, partners, and customers for their trust and support during these challenging times. Ralf Schmitz, on the other hand, highlighted the significant progress made so far but stressed that there is still much work to be done to get Meyer Werft back on track and secure its long-term future, along with that of all employees, by implementing the restructuring plan that has been developed.
Lower Saxony’s Minister of Economic Affairs, Olaf Lies (SPD), pointed out that they have already faced the greatest of challenges, which had to be overcome in a very short time, adding that the fact that solid financing has been achieved on time is the joint result of all participants working together to create the foundation for a successful future for Meyer Werft.
Logistics center picking
The head of the CDU parliamentary group in the Lower Saxony state parliament, Sebastian Lechner, noted that the path to reorganization is an important milestone and that there is an unwavering determination to work together to secure Meyer Werft’s future, not only to preserve the site and jobs in Papenburg but also to protect the essential shipbuilding expertise in Germany. Lower Saxony’s Finance Minister, Geralt Heere (Greens), emphasized that Meyer Werft is a key company for northwest Lower Saxony and beyond, justifying the state’s enormous commitment. He further noted that this joint effort allows for a sustainable reorientation of the shipyard, which represents thousands of jobs in the region and innovative shipbuilding.
Bernard Meyer expressed gratitude for the support from the state and federal government but also stressed the importance of a sustainable solution for the shipyard when the public sector withdraws, expressing confidence that one day Meyer Werft will once again be a healthy, successful, family-run company.
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