The Meyer family has establish two foundations to own the Meyer Werft shipyards in Papenburg and Warnemunde, Germany, and Meyer Turku shipyard in Finland, the German shipbuilding company said in a statement.

Founded in 1795, the family company’s success has relied on a long-term approach that has aimed to develop technology, advance the skill-set of employees, and reinvest profits. “The basis for this success is a stable ownership structure. To ensure this stability also for the future, the family has decided to donate its shares into family foundations,” Meyer Werft said.

“The legal form of a German family foundation is a proven framework to ensure a long term stable ownership in a single hand supporting the sustainable development of the shipyards in Turku, Papenburg and Warnemünde,” it stated..

The next generation of the Meyer family is entering the business: Dr. Jan Meyer (39) is in the family business since 2008 and the CEO of Meyer Turku Oy, since 2014. Since 1 June, 2016, Tim Meyer (34) has entered the family business as one of the managing directors at Meyer Werft in Papenburg. Furthermore Dr. Paul Meyer (33) is taking over the responsibility for the IT of all shipyards as CIO.

“Family foundations are for us the ideal framework to maintain a single and stable owner for the shipyards in Turku, Papenburg and Warnemünde – also for future generations. By this step we want to secure the core success factors of our long-term success and maintain the character of a family company,” said Bernard Meyer.