2024-07-04 08:17:12
The financing gap at Meyer Werft, known for its cruise ships, amounts to 2.7 billion euros. The Prime Minister is promising help – but is attaching conditions to it.
In the struggle to save the financially troubled Meyer Werft, the Lower Saxony state government is insisting that the company move its headquarters from Luxembourg back to Germany. When asked whether this step was a mandatory requirement for state aid, Prime Minister Stephan Weil told the German Press Agency: “Yes, that’s how we see it.” A lot of public money is at stake. “Then you have to demand that the owners respond to legitimate concerns of the public sector,” said the SPD politician.
Weil stressed that the shipyard, known for its large cruise ships, is in an existential crisis. “Without any ifs and buts: This is a serious situation and the future of Meyer Werft is at stake,” he said. Meyer Werft made the decision to locate its headquarters in Luxembourg in 2015 so that it would not have to set up a supervisory board.
The state therefore wants to help to secure the company and the jobs. “If we have good reasons to believe that the company has a future, we will do everything we can to make this future possible. We are doing this because we want to save jobs,” said the head of government. In addition to the core workforce and beyond Lower Saxony, “several thousand jobs” depend on the shipyard.
Confidential talks are currently underway with the company and the federal government, and reports are being prepared on the future viability of the shipyard. “One thing is clear: the federal government must also get involved if the rescue is to succeed,” Weil demanded. Agreements with banks are also needed, and it is important to know how customers feel about the company. “Talks are in full swing in all areas,” said Weil.
Given the company’s financial constraints, there is not much time left to make a decision. “We need to know very quickly where we stand with each other,” said the Prime Minister.
Meyer Werft is one of the world’s leading builders of cruise ships and thus an important economic factor for Lower Saxony. The company’s order books are full, it is said – but the shipyard has to close a financing gap of 2.7 billion euros due to the aftermath of the corona pandemic and price increases as a result of the Russian attack on Ukraine. Lower Saxony’s Economics Minister Olaf Lies (SPD) had stated that an increase in equity and the securing of loans with guarantees were therefore on the table.
Some of the contracts for the cruise ships were concluded before the pandemic and do not provide for any adjustment to the drastically increased energy and raw material prices. The shipyard will only receive around 80 percent of the purchase price upon delivery and will have to finance the construction with interim loans.
Around 7,000 people work for the Meyer Group, of which around 3,000 are in Papenburg in Emsland. There are other shipyards in Rostock and in the Finnish city of Turku.