Spain to the rescue: Navantia to buy storied British shipyard that built the Titanic and save 1,000 jobs in the UK - Olive Press News Spain

Spain to the rescue: Navantia to buy storied British shipyard that built the Titanic and save 1,000 jobs in the UK – Olive Press News Spain

Posted by Admin December 20, 2024 Jobs

SPAIN’S state shipbuilding company Navantia has swooped in to save the iconic British shipyard that built the Titanic in a last minute deal.

The acquisition of Harland & Wolff will secure around 1,000 jobs across the UK and ensures the survival of all four of the company’s historic shipyards, including its famous Belfast base.

The Spanish naval construction giant, which has yet to disclose the purchase price, will take control of facilities in Northern Ireland, as well as Arnish and Methil in Scotland, and Appledore in southwest England.

Navantia already has contracts with the Royal Navy to construct three support vessels

Northern Ireland minister Hilary Benn welcomed the Spanish takeover, describing it as ‘great news for Belfast, for the Northern Ireland economy and, above all, for Harland and Wolff’s hugely skilled shipbuilding workforce.’

The rescue comes after a turbulent period for the 163-year-old British company, which was forced to call in administrators in September after struggling with rising energy costs and mounting debt.

The UK government had previously rejected the company’s request for a €240 million credit facility, leading to a suspension of its shares on the London Stock Exchange in October.

The deal strengthens Navantia’s position in British shipbuilding, building on an existing relationship that saw the two companies sign a manufacturing agreement last year for a €2 billion Royal Navy support ship project.

British government officials confirmed the acquisition would ensure the completion of three vital support vessels for UK aircraft carriers, designed to transport munitions, spares and supplies.

Navantia expects to finalise the purchase by the end of January, subject to regulatory approval, marking a new chapter in the storied history of Harland & Wolff, which was founded in 1861 and rose to prominence as one of the world’s premier shipbuilders during the golden age of ocean liners.