Meyer Acquires Turku Shipyard
The Meyer family, operating the shipbuilding company Meyer Werft in Germany, and the Finnish State acquired Turku shipyard from STX Europe in September 2014. Meyer Werft took up 70 percent of the shares, and the State of Finland purchased 30 percent of the share capital through the Finnish Industry Investment Ltd (FII). As usual for the FII´s investment policy, it exits from its investments. In the case of the Turku shipyard, it was agreed that Meyer had a call option to buy FII’s minority stake in the shipyard. Meyer has now decided to further invest in Turku shipyard using the call option. “At the time of the purchase Meyer was only…
Finland, Meyer Werft May Join to Buy Shipyard from STX
The Finnish government said it had teamed up with German shipbuilder Meyer Werft to consider buying a troubled local shipyard from South Korea's STX Offshore & Shipbuilding. The government in 2012 faced heavy criticism for not providing a loan to the Turku shipyard in southern Finland, which contributed to its loss of a 1 billion euro ($1.4 billion) order for cruise ships along with hundreds of potential jobs. The government said on Thursday it could join with an industrial partner, family-owned Meyer Werft, to take over the shipyard.
Finland Takes Majority Stake in Aker Arctic Technology Inc.
A Finland government owned investment company, Finnish Industry Investment Ltd, has today purchased a 66.4 per cent majority stake of the shares of Aker Arctic Technology Oy (Aker Arctic) from STX Finland Oy. Aker explain that In recent months the Ministry of Employment and the Economy has been studying actively the possibilities for securing the Company's know-how and further development in Finland. The transfer of the Company´s know-how, such as intellectual property rights, away from Finland, would have meant a serious setback for the entire Finnish Arctic marine industry's future development. Aker Arctic is one of the world's leading companies in Arctic marine logistics and offshore solutions as well Arctic vessels design.
Sale of Finland's STX Shipyards Offers Opportunities
The Finland PM is hopeful that a strong new owner can turn around the prospects of the cash-strapped Finnish shipyards. This past week, the South Korean parent company STX announced it plans to sell off the Rauma and Turku shipyards as well as its half-share in the Helsinki shipyard, reports yle UUTISET Finland, while Prime Minister Jyrki Katainen considers that the looming sale of the STX shipyards in Finland represents a major opportunity. Meanwhile the aid package granted to the Turku shipyard for the construction of two cruise liners for the German company TUI will go ahead, according to yle UUTISET Finland, citing Minister of Economic Affairs Jan Vapaavuori who informs that construction will be completed as planned, despite STX's plan to sell the shipyard.
