After a two-week delay, a supervisory board for Meyer Werft has been constituted. Due to price increases, debts are higher than expected.
With the establishment of a co-determined supervisory board, Meyer Werft now has a new corporate structure. This measure is part of the stabilization and restructuring plan agreed between the new shareholders from the federal and state governments, the Meyer family and the financing banks.
The installation of the supervisory body, originally planned two weeks ago, had to be postponed due to a formality. The Osnabrück district court responsible did not have all the names of the supervisory board members. However, the final conditions for the implementation of the participation of the federal and state governments in the companies have now been met.
Following antitrust approval by the EU Commission at the beginning of December 2024, the federal and state governments each acquired around 40% of the shares in December 2024 and each contributed €200 million in capital.
However, it was only last Wednesday that the Bundestag’s budget committee revealed that the shipyard’s recent losses were €185 million higher than previously known. According to NDR information, this is due to unplanned cost increases in the construction of some projects.
The 13-member supervisory board, chaired by former BMW and Airbus manager Klaus Richter, will consist of shareholder representatives, employee representatives and external experts. Jan Meyer is a family representative on the board, while the employee representatives include Andreas Hensen, head of the Meyer Werft works council, and Thomas Behrens for Neptun Werft.
In future, the shipyard’s management will be obliged to regularly inform the Supervisory Board about the company’s business policy and development.
