Navantia Acquires Historic Shipbuilder Harland & Wolff

Navantia, a Spanish shipbuilder, is set to acquire Harland & Wolff's shipyards in a deal that aims to secure 1,000 jobs and support the UK's shipbuilding industry. The acquisition follows Harland & Wolff's financial struggles, including unsuccessful bids for government aid and the cancellation of its stock listing.

Spanish shipbuilder Navantia will acquire Harland & Wolff, the Belfast-based shipbuilder famous for constructing the Titanic, as announced by the British government. The acquisition, pending regulatory approval, aims to safeguard 1,000 jobs across Harland & Wolff's shipyards in Belfast, Arnish, Methil, and Appledore.

Northern Ireland minister Hilary Benn emphasized the significance of the investment for Belfast and the Northern Ireland economy, particularly for Harland & Wolff's skilled workforce. Previously, Harland & Wolff entered administration due to financial difficulties, exacerbated by rising energy costs and wages, leading to increased debt.

The acquisition follows a cancelled listing on the London Stock Exchange and a denied credit facility request from the British government. It also includes a subcontract with Navantia related to a significant project for the Royal Navy, ensuring the construction of three essential support ships for UK aircraft carriers.

(With inputs from agencies.)