Status: 31.07.2024 16:21
As part of its restructuring, Meyer Werft is moving its headquarters back to Papenburg. The company is also changing its corporate structure and is planning a holding company with, among others, its subsidiary Neptun.
The company announced this on Wednesday. By moving its headquarters from Luxembourg to Papenburg, Meyer Werft is making concessions to the state of Lower Saxony. This is exactly what Economics Minister Olaf Lies (SPD) had demanded in order to be able to support the shipyard in its crisis.
Meyer Werft becomes Meyer Neptun GmbH
In addition, the Papenburg headquarters is to merge with the company’s subsidiary Neptun Werft in Rostock, the shipyard announced on Wednesday. The holding company will then become Meyer Neptun GmbH. The shipyard is also incorporating four of eight subsidiaries into the group. These include cabin builders and painters, for example. The business operations, including all employment relationships and delivery contracts, are expected to be transferred to Meyer Neptun GmbH by the end of August, it said. Together with the Rostock company, the shipyard says it will have around 5,500 employees. The traditional Neptun Werft in Warnemünde is not affected in any way by the reorganization, it was said in response to an NDR query. The employees’ jobs are still secure – also because the order books are full until 2027. Ten river cruisers, two marine tankers and the research vessel Meteor 4 are to be built on the Warnow.
Videos
1 Min
According to an expert report, the employees of the traditional company can have a little hope. (July 22, 2024) 1 min
No job cuts, more equity
At Meyer Werft, too, the merger will not result in “any job cuts – beyond the framework agreement already reached,” says the Papenburg shipbuilder. Rather, the group structure will be significantly simplified. According to the company, Meyer Neptun GmbH, as the new holding company, has a stronger equity base than the previous Meyer Werft GmbH & Co. KG. This is particularly important with regard to short-term bank loans and guarantees from the state and federal government in order to be able to restructure the shipyard and keep it competitive. All buildings, land and facilities will become the property of Meyer-Neptun. This will give the shipyard a broader base and thus offer the banks more security. They must grant short-term loans by mid-September in order to be able to keep the company on the market. And the shipyard is making further concessions through the new company structure, as negotiated with the works council: In future, there will be a supervisory board and a group works council.
Consulting firm has promised positive forecast
According to the company, the consulting firm Deloitte had given a positive forecast for the restructuring in an initial draft. A final report is due to be available by mid-September. The federal and state governments are currently examining whether and to what extent they can help the ailing Meyer Werft.
Further information
For Scholz, the issue is a “top priority”. He is convinced of the future viability of the ailing Papenburg shipbuilder. (July 24, 2024) more
The shipyard manager and the restructuring expert have informed the staff in Papenburg about the opportunities of the troubled shipyard. (July 19, 2024) more
The shipyard and IG Metall have reached an agreement: 340 jobs must be cut. That is less than initially feared. (04.07.2024) more
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NDR 1 Lower Saxony | Current | 31.07.2024 | 12:00
