Navantia Acquires Harland & Wolff: A New Chapter for Iconic Shipyards

Spanish shipbuilder Navantia will acquire Harland & Wolff shipyards, known for the Titanic. The acquisition, which requires regulatory approval, will save 1,000 jobs. After facing financial troubles, Harland & Wolff entered administration in September. This deal promises to revive the company's shipbuilding operations and ensure key Royal Navy projects continue.

Spanish state-held shipbuilder Navantia is set to acquire Harland & Wolff, the historic Belfast-based company renowned for constructing the Titanic. The British government announced on Thursday that this acquisition, pending regulatory approval, will secure all four of Harland & Wolff's shipyards and protect around 1,000 jobs.

Northern Ireland minister Hilary Benn welcomed the investment, highlighting its positive impact on Belfast and the Northern Ireland economy, as well as the skilled shipbuilding workforce at Harland & Wolff. Navantia has confirmed the deal, with plans to complete it by the end of January.

Harland & Wolff faced financial struggles leading to its shares being suspended and a failed request for a government credit facility. The deal ensures the continuation of crucial Royal Navy projects, including ships to transport munitions and supplies to UK aircraft carriers.

(With inputs from agencies.)