Navantia Rescues Iconic Shipyards: Harland & Wolff Set for Revival

Spanish shipbuilder Navantia is acquiring the shipyards of Harland & Wolff, known for building the Titanic, securing 1,000 jobs. The acquisition covers four shipyards in the UK and follows Harland & Wolff entering administration. The deal is expected to be finalized by January, pending regulatory approval.

Spanish state-owned shipbuilding company Navantia is set to acquire the shipyards of Harland & Wolff, the historic Belfast-based firm renowned for building the Titanic, as announced by the UK government on Thursday.

The acquisition, pending regulatory approval, will safeguard all of Harland & Wolff's shipyards, located in Belfast, Arnish and Methil in Scotland, and Appledore in southwest England, securing approximately 1,000 jobs. Northern Ireland Minister Hilary Benn remarked that this investment is beneficial for the region's economy and Harland & Wolff's skilled workforce.

Navantia confirmed the takeover in a separate statement, anticipating completion by the end of January. Details regarding the transaction's financial terms remain undisclosed. Previously, Harland & Wolff fell into administration due to financial challenges, exacerbated by rising energy costs and wages.

(With inputs from agencies.)