Government Steps in to Rescue Meyer Werft

The German federal government and the state of Lower Saxony have officially intervened to support the financially struggling Meyer Werft. This strategic move involves acquiring 80.73% of the shares for 400 million euros, with each owning roughly 40%. The decision, ratified by the EU Commission in December, also includes credit guarantees totaling 2.6 billion euros.

Meyer Werft, located in Papenburg, Niedersachsen, faced economic challenges due to soaring energy and raw material costs. Compounded by the business model of receiving a significant portion of ship payments upon delivery, the shipyard struggled to pass on rising costs to its customers promptly. The government intervention aims to restore the company's financial stability and independence.

The acquisition plan extends to Neptun Werft in Rostock-Warnemünde, also transitioning to state ownership. However, the Meyer Werft in Turku, Finland, remains under the Meyer family's ownership. Meyer Werft employs approximately 3,800 people in Germany, representing a significant portion of the country's shipyard workforce. The company also contributes substantially to the local economy through its supplier network.

The supervisory board will be restructured, including experienced figures such as Patricia Geibel-Conrad, Christian von Lenthe, and Klaus Richter. This board will feature representatives from both the federal government and Lower Saxony, including Olaf Lies and Anne Deter, while worker representation will be determined by the IG Metall Küste.

This intervention is a crucial step in securing the future of one of Germany's prominent shipyards, ensuring continued employment and economic contributions in the region. The government's decisive action underscores its commitment to preserving key industrial assets amidst economic turbulence.