Meyer Werft - Shipyard aid: Minister hopes for quick decision
Lower Saxony's Economy Minister Olaf Lies is pushing for a quick decision on whether and to what extent the state and the federal government can help the ailing Meyer Werft. "We don't have time to maneuver, figuring out who takes what share. The federal government and the states must make quick decisions on who can take which parts. It would be disastrous if we showed weakness to others. We have to solve this together," said the SPD politician to the German Press Agency in Hannover. The essential questions need to be clarified this month.
"We are in intensive talks with the federal government. It's about two aspects. It's about the equity question. And the search for an investor is still a priority," emphasized Lies. If no investor is found, a report is required on whether public funds can be invested, according to the minister. Secondly, it goes about possible guarantees for the banks, said the minister.
The SPD politician assumes that a first draft of the restructuring report will still be available in July. This concerns the question of whether the yard is salvageable and therefore future-proof.
Agreement on Core Points of Restructuring
The works council, IG Metall, and management reached an agreement on core points of the yard's restructuring this week. The labor side agreed in a framework agreement to the reduction of 340 jobs, which should be implemented as much as possible without plant-related terminations. The management accepted the formation of a supervisory board and a group works council. The company headquarters are also to be moved back from Luxembourg to Germany.
The globally renowned traditional shipbuilding company is currently experiencing the most severe crisis in its more than 200-year history. By the end of 2027, more than 2.7 billion euros must be financed, of which 400 million euros are necessary for an increase in equity, said Chief Restructurer Ralf Schmitz. He emphasized that it is not about subsidies regarding the remaining 2.3 billion euros but about guarantees from the state and the federal government for the banks. It's not about subsidies.
Minister: Germany Loses Expertise in Civil Shipbuilding Without Meyer Werft
Regarding the question of whether the tight budget negotiations in the Bundestag will make a quick decision on possible aid more difficult, Lies said: "The budget debates in the Bundestag must detach themselves from this issue by a good margin. The federal government's support will not fail due to the budget, we just need the decision on how the federal government can support us here."
The minister confirmed that the yard is of national significance. "Without the Meyer Werft, Germany would lose its expertise in civil shipbuilding. We also need to ensure, for safety reasons, that we have sufficient shipbuilding capacity in Germany."
- Olaf Lies, the Economy Minister of Lower Saxony, is urging for a swift decision on the level and type of assistance the state and federal government can provide to Meyer Werft, located in Papenburg.
- Lies emphasized to the German Press Agency in Hanover that the federal government and the states need to act quickly to determine their roles, as delay could send a weak signal to others.
- The essential issues must be resolved this month, according to Lies, who is a member of the SPD party.
- During talks with the federal government, Lies highlighted the importance of addressing equity concerns and continuing the search for potential investors.
- If no investor is located, the ministry will require a report on the potential use of public funds, as per Lies.
- Lies also mentioned the possibility of securing bank guarantees as part of the negotiations with the federal government.
- The works council, IG Metall, and management recently reached an agreement on key aspects of Meyer Werft's restructuring, which includes the reduction of 340 jobs and moving the company headquarters back to Germany.
- Lies argued that if Meyer Werft were to cease operations, Germany would lose its expertise in civil shipbuilding, and maintaining sufficient shipbuilding capacity in the country is crucial for safety reasons.
