MV Werften facility in Wismar, Germany. Credit: Thomas Kohler.

A subsidiary of shipbuilding company MV Werften is set to purchase Germany-based Neptun Ship Design for an undisclosed sum.

Following the completion of the deal, Neptun Ship Design will operate as an independent subsidiary MV Werften and provide design services for the shipbuilding company.

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The deal is expected to expand the design capabilities of MV Werften, which currently has operations at its yards in the German cities of Wismar, Rostock and Stralsund, as well as others parts of Europe.

“We are very familiar with their expertise from our intensive cooperation in the past.”

A total of 120 new employees will also join MV Werften as part of the acquisition. The new employees will primarily work on MV Werften’s existing project that involves the development of Global Class and the ‘Crystal Endeavor’ expedition ship.

They will mainly work on the basic design of the ship projects and help design complex vessels in future.

The deal is scheduled to become effective once the cartel authorities give their approval.

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MV Werften CEO Peter Fetten said: “We welcome the acquisition and the new, experienced colleagues in our team.

“We are very familiar with their expertise from our intensive cooperation in the past.”

Last March, MV Werften signed a deal with Germany’s Hanseatic City of Wismar to acquire land for a warehouse to house prefabricated cruise ship cabins.

To be developed with a €4m investment, the warehouse will accommodate more than 300 ship cabins.