The Meyer Werft shipyard in Papenburg, which has run into financial difficulties, is receiving extensive aid from the federal government and the state of Lower Saxony.
Together, they are taking over 80 percent of the shares and investing 400 million euros in the shipbuilding company. In addition, guarantees of around one billion euros will be granted to finance the ongoing shipbuilding projects. The background to the financial difficulties are the consequences of the corona pandemic, the war in Ukraine and rising raw material prices.
Despite the challenges, Meyer Werft has orders worth eleven billion euros until 2031. These orders not only secure the company itself, but also the existence of more than 20.000 jobs in Germany. A long-term goal of the state participation is the later return of the shipyard to private hands, for which the Meyer family has been granted a right of repurchase.
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