The company has now reached all the necessary agreements with the state, federal government and banks.

MEYER WERFT has been an integral part of the German shipbuilding industry for more than 225 years and is known worldwide for its high-quality cruise ships. It has found itself in this financial emergency due to the consequences of the coronavirus pandemic, the Russian war of aggression against Ukraine, and soaring commodity prices. In addition, 80 per cent of the construction price is usually only paid when the ship is delivered - the shipyard therefore has to finance the construction with loans. The promised guarantees are being used for this purpose.

Despite the current financial challenges, the company has orders worth EUR 11 billion until 2031 and remains in demand internationally. This emphasises the importance of the shipyard for the regional and national economy, particularly in terms of jobs and technological innovation.

Safeguarding jobs and continuing operations

The successful refinancing will make it possible to secure jobs at MEYER WERFT and in its extensive supplier network. In addition to the more than 3,000 people directly employed by the shipyard, thousands of other jobs in the region are directly linked to the future of the shipyard through suppliers and service providers. According to independent experts, the existence of more than 20,000 jobs in Germany depends directly and indirectly on the continued existence of the shipyard.

Joint guarantees for stabilisation

In addition to the takeover of shares, the federal and state governments are also planning to provide guarantees totalling around one billion euros each. These are intended to help ensure the financial stability of the shipyard and guarantee ongoing operations and future projects. These guarantees are a decisive factor in putting the shipyard back on a stable course. Thanks to this solution, the financing banks can also participate in shaping the long-term future of MEYER WERFT.

Return to private hands sought

Despite the planned takeover of shares by the federal government and the state of Lower Saxony, it is clear that this is not intended to be permanent. Rather, all parties involved are pursuing the goal of transferring MEYER WERFT back into private hands in the long term. The owner family Meyer has been granted a corresponding buyback right.

‘Our goal is to lead MEYER WERFT and its employees into a successful and secure future. We firmly believe that our company, with its innovative technology and dedicated team, has a future,’ emphasises Bernd Eikens, CEO of MEYER WERFT. ‘We are confident that together we will emerge stronger from this crisis and maintain our position as one of the leading companies in international shipbuilding. We would like to thank our employees, partners and customers for the trust they have placed in us and for their support in these challenging times.’

‘I have to say that, together, we have achieved something extraordinary. But our work is not yet done, in fact, it is only just beginning. We have developed a viable concept and a restructuring plan that now needs to be implemented. There is a considerable amount of homework to be done in the coming months and years to get MEYER WERFT back on track and secure its future and that of all employees in the long term. I am very confident that we will succeed,’ adds Ralf Schmitz, Chief Restorer of MEYER WERFT.

Bernard Meyer expressed his gratitude for the support from the state and federal government, but also pointed to a viable solution for the shipyard if the public sector pulls out again: ‘I am very grateful that everyone pulled together to build this financial bridge for us. However, I am also convinced that we will now be able to correct course under our own steam and will one day be an economically healthy and successful, family-run flagship company again.’

© Shippax