Meyer Werft, the German shipbuilder, and the Finnish government have reached an agreement with STX Offshore & Shipbuilding, the South Korean owner of STX Finland and its Turku yard, to jointly acquire all shares in the Finnish company. Meyer Werft will own 70% and the government 30% of the shares, it emerged at a press conference held by Jan Vapaavuori, minister of the economy and of employment.
The price of the acquusition would not be disclosed, Vapaavuori said, adding that financial situation of STX Finland's Turku yard was reflected in the price. The company would be renamed Meyer Turku Yard.
Teollisuussijoitus, a Finnish government owned investment company, will own the shares the government has acquired. The seller is STX Europe, a fully owned subsidiary of STX Offshore & Shipbuilding, Vapaavuori said.
Vapaavuori said the ministry started efforts to solve the crisis at Turku in the spring of 2013. Meyer Werft emerged as a buyer candidate in November of last year. While talks with Meyer Werft progressed well, it was difficult to convince the South Korean owner of the Finnish yard about the seriousness of the inentions of the potential buyers.
A new company has been formed, in which Meyer Werfgt owns 70% of the shares and Teollisuussijoitus 30% of the shares. Teollisuussijoitus would exit the business in due time. The new company would recapitalise the yard.
Vapaavuori said that for a long time, the Turku yard has had a number of owners that have not been committed in the developing of its business. With Meyer Werft, such an owner has been found.
