The Meyer Werft shipyard in Papenburg, Germany, is being rescued by the federal government and the state of Lower Saxony. The government plans to take majority ownership while the Meyer family retains a presence on the supervisory board and has the option to buy back shares.
The rescue plan is awaiting approval from the Bundestag and the state parliament, with negotiations ongoing regarding interest rates. The shipyard, which has a contract with Disney Cruise Line, is in need of funds by mid-September.
The plan is to consolidate all locations under a European holding company. The shipyard's economic difficulties are primarily caused by rising energy and raw material costs.
The rescue package will involve state participation and guarantees, with an increase in capital and a focus on future profitability. The shipyard is integral to Germany's offshore wind ambitions and employs around 17,000 people throughout the country.
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