An apparent solution to save the ailing Meyer Werft shipyard in northern Germany appears within reach. German Chancellor Olaf Scholz and others are expected to address shipyard workers there on Thursday.
The potential breakthrough was revealed on Wednesday by a union leader at Meyer Werft.
According to Andreas Hensen, chairman of the works council of Meyer Werft, Scholz is expected to be joined by Lower Saxony’s Prime Minister Stephan Weil and the state’s Economics Minister Olaf Lies.
Government sources in Berlin told dpa that no final decision has yet been made on a possible rescue plan, but that there is willingness to intervene to save the shipyard.
The Meyer Werft shipyard is located in the state of Lower Saxony. Scholz, Weil and Lies are all members of the centre-left Social Democratic Party (SPD), which historically has close ties to the trade union.
According to a management spokesman, all parties involved have agreed in principle on a rescue plan for the ailing company, which is reportedly facing existential challenges. “However, some technical details still need to be clarified,” the spokesman said.
According to the company, a solution must be found by September 15 at the latest, otherwise the shipyard will run out of money.
There are reports that state governments and the federal government are considering taking a stake in the shipyard, which would also increase its equity by €400 million ($445 million).