STX Europe's beleaguered shipyard in Turku looks set to welcome new owners following government's announcement of a purchase deal with the German shipbuilder Meyer Weft.
According to the Economic Affairs Ministry, the deal will see the German company assume ownership of 70 percent of the dockyard, with the remaining 30 percent falling to the Finnish state. The ministry did not however, divulge the related price tag.
"It's been clear for some time that Turku would not get any new orders with its current ownership," Economic Affairs Minister Jan Vapaavuori said Monday.
Vapaavuori pointed out that the state had always been willing to hold a stake in the shipyard as a minority owner -- if a credible majority partner could be found. That partner has now turned out to be Meyer Weft.
The Ministry said Monday that the buyers have committed to stumping up a considerable sum of money to bankroll the new shipyard and to form a strong foundation for development.
The deal still awaits the blessing of German officials, but Vapaavuori said he expects a green light in the near term. Last month Meyer Weft indicated that it might construct two new mega cruise liners for Norwegian Cruise Line in Finland. Today's acquisition announcement has now confirmed Turku as the location for construction of the two orders.
The deal to purchase the Turku shipyard does not include a sister dockyard in Helsinki, and which is half-owned by STX.
