The federal government and the state of Lower Saxony have stepped in to rescue the ailing Meyer Werft shipyard by acquiring 80% of its shares for 400 million euros. This intervention aims to stabilize the historic company, which has been grappling with financial difficulties.
As part of the restructuring, 340 employees will be laid off through a mix of expired contracts and voluntary programs. Despite having a robust order book, the shipyard faces challenges due to fixed contracts that do not account for rising energy and raw material costs.
Both the Papenburg site and the shipyard's branches in Rostock and Turku are included in this state-supported rescue plan. The rescue package includes guarantees of 1 billion euros each from the federal and state governments.
The plan is to return Meyer Werft to private ownership once it is financially stable, with existing owners retaining a 20% stake and a future buyback option. The urgent need for state intervention was underscored by the risk of the company running out of funds by mid-September.
The overall goal is to ensure Meyer Werft can continue operations and eventually regain profitability by 2028.
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