Historic Shipbuilder's Revival: Harland and Wolff's Future Secured by Navantia

Harland and Wolff, the Northern Ireland shipbuilder known for constructing the Titanic, has been saved from bankruptcy by Spain's Navantia. This acquisition secures 1,000 jobs across the UK and strengthens the Royal Navy supply chain, pending regulatory approval.

The historic Harland and Wolff shipbuilding company, renowned for building the Titanic, has received a lifeline from a Spanish acquisition. Navantia, a state-owned Spanish business, announced on Thursday its decision to buy the Northern Ireland-based firm.

A regulatory approval is needed for the acquisition, but it promises to safeguard 1,000 jobs across Harland and Wolff's shipyards, including its iconic Belfast site. This development comes after the company faced bankruptcy for the second time in five years this September.

Navantia's investment is seen as a crucial endorsement of the UK's shipbuilding industry, according to Business and Trade Secretary Jonathan Reynolds. The deal ensures continued participation in building vessels for the Royal Navy, with Harland and Wolff serving as a subcontractor in Navantia's UK division's major contract.

(With inputs from agencies.)