State-rescued German shipbuilder Meyer Werft has secured a major order worth up to €10 billion ($11.7 billion) from Swiss cruise operator MSC Cruises, ensuring capacity utilisation until the mid-2030s, the German economy minister said on Monday.
The German Government and Lower Saxony state rescued the company at the end of 2024, each acquiring around 40 per cent of Meyer Werft’s shares and contributing a combined €400 million in equity.
"Today we can say that the decision was the right one," Economy Minister Katherina Reiche told reporters in Berlin after contracts were signed on Monday. She said the shipyard, based in Papenburg in Lower Saxony, is now competitive again.
The Meyer family, which founded the company in 1795, holds around 20 per cent and has a buy-back option. Although the shipbuilder’s order books were full, it had an almost €2.8 billion financing gap due to the delayed effects of a demand dip during the COVID-19 pandemic.
The German Government has said it expects the shipyard to be stabilised by around 2028.
(Reporting by Christian Kraemer and Maria Martinez Editing by Ludwig Burger)
