During a visit to cruise ship builder, MEYER Werft in Papenburg, German Chancellor, Olaf Scholz and Lower Saxony’s Minister, President Stephan Weil stressed they were firmly committed to supporting the company’s restructuring plan for its future operations.
This willingness to support the company was acknowledged by the management and the owning Meyer family.
CEO, Bernd Eikens, and the restructuring expert appointed by the shipbuilder, Ralf Schmitz, said in a joint statement that “the way has now been paved for the start of restructuring and securing the future of the shipyard.”
The two senior managers saw the announcement by Chancellor Scholz and Minister President Weil as a “key contribution by politicians to give the shipyard and its many thousands of employees and their families, as well as business partners, secure prospects for the future.”
At the same time, the management and works council thanked Chancellor Scholz and Minister President Weil, who travelled to Papenburg on 22nd August to tell the employees about the emerging solution between the company and politicians.
They said: “We can now continue to work at full speed on the realignment of the company on the basis of Deloitte’s restructuring report.”
Final details of the rescue plan still had to be clarified in talks with commercial banks, MEYER Werft said, adding that the course that has now been set by Chancellor Scholz and Minister President Weil will be implemented constructively and professionally – as has already been the case in recent months by the respective economic and finance ministries at both federal and state level.
“We are also grateful that such a great partnership of responsibility between the shipyard, the family, politicians, banks and employees has succeeded in ensuring the future viability of the company.
“We now have the opportunity to put the crisis behind us, make the shipyard competitive again and focus on profitable growth,” said Eikens and Schmitz in the statement.
In addition, the solution found is also in line with the Meyer family’s wish not only to remain emotionally and traditionally attached to the company, but also “to continue to influence the development of the company as co-shareholders and with a seat and vote on the newly formed Supervisory Board.”
On behalf of the family, Bernard Meyer thanked both Chancellor Scholz and Minister President Weil. Both leaders had met with him at the shipyard for confidential discussions paying tribute to his entrepreneurial achievements.
Meyer said in a statement: “The solution that has now been found is not easy for the family, but we have always said that the interests of the company take precedence over those of the family.
“We see a great opportunity to get the company back on track for the future – this is also shown by the pleasing development of the order book to €11 bill in recent months.
“The willingness of the federal and state governments, as well as our associated commercial banks to support us in the form that has now been agreed also shows that we have achieved a special position in shipbuilding with our company over decades.
“We know our business and see the opportunity for long-term and successful further development at our sites. The agreement on a buy-back right for the family gives us the opportunity to become a family business again.
“As the second largest company after the public sector and through our involvement in the Supervisory Board, we will constructively support the further development of the shipyard,” he said.
Both the management and the family have committed to moving quickly to implement the solution promised by the Chancellor. The aim is to create the framework conditions for the adoption of the new structures and the start of the reorganisation and restructuring measures, as quickly as possible.
