Kvaerner Makes Commitment to Philadelphia Shipyard

Wednesday, August 25, 1999
Even if Kvaerner Group is unsuccessful in selling its Philadelphia operation, Europe's largest shipbuilder does not plan to leave the shipyard high and dry. The firm announced it will sell or close its 13 shipyards around the world due to low profits, but would try to find a buyer for the Philadelphia shipyard. If a buyer is not found, "then Kvaerner must continue," said Harald Rafdal, CEO of Kvaerner Philadelphia Inc., sending a signal the shipping giant would not abandon the Philadelphia operation. The company was to be the prime tenant of a shipyard revitalization that would receive $430 million in state, city and federal subsidies, in return for an estimated 1,000 shipbuilding jobs and up to a total of 8,000 new jobs over time, including jobs created by suppliers.

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