The shipyard has been owned by the Meyer family 225 years. Credit: Meyer Werft

Shipbuilding company Meyer Werft could come under temporary state ownership as part of a deal with the German government to save it from potential collapse. 

German Chancellor Olaf Scholz spoke to the company’s employees during a visit to its shipyard in Papenburg, Lower Saxony and said he was confident a deal would be reached once agreements had been finalised between the government, banks and the European Union. 

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He said: “What has been built up here over a long period of time is the basis for there being a perspective for the future. 

“If the federal government and the state now get involved here for a certain period of time, they are not doing so in order to remain partners forever – we are not shipbuilders – but to lay the foundation for a good future on a private sector basis.” 

The shipyard has been owned by the Meyer family for more than 220 years but fell into financial trouble during the Covid-19 pandemic and has struggled to make back the money needed to fill the reported €2.7bn ($3bn) hole in its finances. 

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The company is one of the biggest shipyards in Europe and has continued to sign major deals throughout its difficulties, including a recent contract with Disney Cruise Lines for four new cruise ships that took its orderbook value to more than €11bn, but is in need of immediate funding due to the pay-on-arrival nature of most shipbuilding contracts.

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According to local media reports, the government’s deal would see it take at least an 80% stake in Meyer Werft and contribute €400m in equity and backstop bank loans to help the company get back on its feet. 

The government’s proposals have already received the backing of the shipyard’s leadership and the Meyer family, with CEO Bernd Eikens saying the deal would provide the company with the “opportunity to put the crisis behind us”. 

Speaking on behalf of his family, Bernard Meyer also said: “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.” 

The shipyard is one of the biggest private employers in the region of Lower Saxony and, according to the government, is directly or indirectly responsible for 17,000 jobs in the country.