German Government Invests in Meyer Werft to Secure Shipbuilding Future

The German federal and state governments have announced a 400 million euro investment in Meyer Werft, a leading cruise ship manufacturer, in exchange for an 80% stake in the company. This move aims to secure the future of the company, which has a long history in shipbuilding. In addition to the investment, the support plan includes guarantees for 2.6 billion euros in loans for Meyer Werft, which is a family-owned business based in Lower Saxony.

The decision to provide financial support to Meyer Werft was made in collaboration with the Berlin government and other stakeholders. Despite having full order books, the company is facing a significant financing gap of nearly 2.8 billion euros due to the impact of reduced demand during the COVID-19 pandemic. The plan to acquire an 80% stake in the company is seen as a temporary measure, with the intention to eventually return ownership to the family in the future.

Economy Minister Olaf Lies expressed confidence in Meyer Werft’s future, citing a recent order from Disney as a positive sign of the company’s viability. The minister highlighted the importance of supporting the shipbuilder to ensure its continued success in the industry. The investment and guarantees provided by the government are aimed at helping Meyer Werft navigate the challenges posed by the pandemic and secure its long-term sustainability.

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