A solution is emerging for Meyer Werft with the involvement of the federal and state governments. Chancellor Olaf Scholz assured the ailing company of help.
Meyer Werft has been in financial difficulties for some time. According to reports, the state should and will step in. The federal government and the state of Lower Saxony are to take over between 80% and 90% of the shipyard. This was first reported by the Handelsblatt.
Negotiations are still ongoing and some points are still open. It is said that the recent order for four cruise ships by the Disney Group must be taken into account when determining the amount of the state’s stake.
State steps in to rescue Meyer Werft
Expert opinions are still pending and talks with the banks involved have not yet been concluded. The final decision will, therefore, only be announced in a few days’ time, once the Federal Ministry of Finance and then the Budget Committee in the Bundestag have also approved the rescue plan.
During a visit to the shipyard in Papenburg yesterday, Chancellor Scholz assured the German government of its support. Meyer Werft is systemically relevant for the maritime industry, Scholz emphasised. He praised the joint effort of the many people involved on site and in Hanover and Berlin. “This commitment to the shipyard and its jobs is almost at the finish line,” Scholz was then quoted as saying.
The CEO of the company, Bernd Eikens, and the restructuring expert appointed by the company, Ralf Schmitz, stated in a joint statement that “the way has now been paved for the start of restructuring and securing the future of the shipyard.”
Bernard Meyer: Not easy for the family
The owner family Meyer will not only remain emotionally and traditionally connected to the company. They will continue to influence the development of the company as co-shareholders and with a seat and vote on the newly formed Supervisory Board. “The solution that has now been found is not easy for the family, but we have always said that the interests of the company take precedence over those of the family,” said Bernard Meyer.
IG Metall Küste welcomes the rescue plan for Meyer Werft. “The planned involvement of the federal and state governments will not only save the Papenburg and Rostock sites, but also important parts of the shipbuilding industry throughout Germany,” said District Manager Daniel Friedrich. However, the “huge opportunity” for a new start must then also be seized.
