Meyer Werft is being reorganised. All individual companies will be brought together under one roof in future.
Meyer Werft (Papenburg), Neptun Werft (Rostock) and other companies in the group will be merged into Meyer Neptun GmbH, the company announced.
Meyer Werft GmbH & Co KG is expected to transfer its entire shipyard and business operations to the new parent company on 31 August. This includes the transfer of all tangible and intangible assets, all employment relationships and customer relations. Beyond the framework agreement that has already been concluded, no further job cuts are associated with this, according to the statement.
In addition, the next step will be to transfer to the new structure the supplier companies that are essential for business operations, some of which are currently still operating outside the Group. The company will be based in Germany and no longer in Luxembourg.
As agreed with the Works Council and the IG Metall trade union, this should strengthen the co-determination of the entire workforce, as the legal basis for a Group Works Council and a co-determined Supervisory Board will now be created.
Meyer Werft still needs capital
The reorganisation will lead to a significant simplification of the Group structure. On the other hand, Meyer Neptun GmbH, which will form this new umbrella, will have the strongest equity base within the Meyer Group. These measures do not include the Finnish site in Turku.
The planned reorganisation is an integral part of the ongoing restructuring process. Management consultants Deloitte presented an initial report a week ago that confirms the shipbuilding company’s positive outlook for the future. A final report is expected by mid-September.
The Papenburg-based family business is in financial difficulties, with a total shortfall of €2.7bn. At the end of May, the shipyard announced its intention to cut up to 440 jobs. After considerable resistance from the workforce, works council, trade union and some politicians, the number was reduced to 340.
Discussions are underway as to whether the federal government and the state of Lower Saxony will provide guarantees worth billions to ensure that the shipyard can continue to meet its financial obligations. In addition, the Group’s equity capital will probably have to be increased; there is talk of €400m. The federal and state governments could also each contribute €200m to the company. According to Lower Saxony’s Economics Minister Olaf Lies, fresh capital is to be generated through the entry of an investor.
