German shipbuilder exercises option to purchase Finnish government's stake in the yard
By
Rebecca Gibson |
German shipbuilder Meyer Werft is to become the sole owner of the Meyer Turku Shipyard it jointly acquired with the Finnish government in September 2014.
The Turku yard was originally owned by STX Europe and operated by STX Finland, before Meyer Werft acquired a 70% leadership stake last September. The State of Finland purchased the remaining 30% of share capital through the Finnish Industry Investment Ltd (FII).
Meyer Werft has now taken up the option to buy FII’s minority stake in the yard and become the sole owner.
“At the time of the purchase Meyer was only operating shipyards in Germany and therefore going to invest in Finland was a big and strategic step, which we carefully considered from different angles,” said Jan Meyer, CEO of Meyer Turku. “Our well-coordinated acquisition with the Finnish government made it possible for us to implement this strategic move and I am sincerely grateful for the government for its valuable contribution. In general, I hope that our decision to buy all the shares is received as a sign of confidence that we can make Turku shipyard a long-term shipbuilding success.”
The change in the ownership structure is expected to become effective within the next weeks.
“Our engagement was an investment in Finnish strengths – the shipyard and the strong maritime cluster,” said Jan Vapaavuori, the Finnish Minister of Economic Affairs. “It is good to see that Meyer shares our confidence and will further invest in the Turku shipyard. This benefits not only the yard but also the maritime cluster and Finland at large.”