Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Titanic shipbuilder Harland & Wolff set for £70m rescue deal from Spanish rival

by December 18, 2024
December 18, 2024
Titanic shipbuilder Harland & Wolff set for £70m rescue deal from Spanish rival

Harland & Wolff, the historic UK shipbuilder famed for constructing the Titanic, is on the brink of a £70 million rescue deal with Spanish state-owned shipbuilder Navantia.

The agreement, supported by the British government, is expected to preserve more than 1,000 jobs across the company’s four UK sites: Belfast, Methil, Arnish, and Appledore.

The board of Navantia is set to approve the takeover in the coming days, following several months of negotiations. Under the proposed deal, Navantia will assume control of all four Harland & Wolff facilities and commit to retaining the current workforce for a set period, safeguarding both skilled positions and the shipyards’ future.

Alongside the acquisition, Navantia is also poised to secure improved terms on a key contract to build three support ships for the Royal Navy, bolstering the UK’s maritime capabilities and providing a much-needed boost to the nation’s shipbuilding sector.

This intervention comes after a period of prolonged uncertainty for Harland & Wolff. The company entered administration in September following mounting financial challenges and an inability to secure long-term funding. Harland & Wolff’s attempts to steady its finances included multiple loans from American lender Riverstone totalling around $200 million, yet the shipbuilder continued to struggle under debt and fierce global competition.

In 2019, the Belfast-based firm was previously rescued from administration by London-based energy company Infrastrata. Despite winning the Royal Navy contract in partnership with Navantia in 2022, the company found itself unable to keep pace with larger rivals and faced increasing debt repayments.

The government’s decision to reject a requested £200 million loan guarantee earlier this year left Harland & Wolff in a precarious position. Business Secretary Jonathan Reynolds stressed that “the market is best placed to resolve the commercial matters,” prompting the shipbuilder to pursue private sector solutions rather than rely on public funds.

Founded in 1861, Harland & Wolff’s legacy includes the iconic RMS Titanic and other renowned vessels built for White Star Line. The latest deal, if finalised, will ensure that this historic name survives the current upheaval in global shipbuilding, forging a new future under the ownership of Navantia—a company that employs nearly 4,000 staff in its home country and maintains strong government backing.

Both the UK Department for Business and Trade and Navantia declined to comment ahead of the official conclusion of the deal. As Britain’s shipbuilding sector faces changing demands and stiff international competition, this high-profile rescue agreement could mark a turning point, ensuring Harland & Wolff’s heritage continues to shape the future of UK maritime engineering.

Read more:
Titanic shipbuilder Harland & Wolff set for £70m rescue deal from Spanish rival

0
FacebookTwitterGoogle +Pinterest
previous post
Honda and Nissan explore merger amid EV market pressures
next post
Addressing Foreign Assaults on American Expression and Innovation: An Agenda for Policymakers

You may also like

British car manufacturers given three-year reprieve from Brexit...

December 6, 2023

King’s Coronation to give UK SMEs a £180m...

May 3, 2023

Record Surge in UK Business Start-ups Signals Resilience...

February 12, 2024

Just Stop Oil protests cost Met Police £7.7M...

July 25, 2023

Private schools to charge VAT from January as...

July 30, 2024

Klarna to roll out UK late fees and...

February 24, 2023

Meta pays £149m to end lease of London...

September 27, 2023

BT offers staff £1,500 to end pay dispute

November 29, 2022

HMRC says small business are now responsible for...

June 23, 2023

Advantages and Disadvantages for E-Commerce Business

November 29, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • TSA tells Americans their Costco cards won’t fly at airport security despite love for hot dogs

      June 7, 2025
    • Trump announces China will restart rare earth mineral shipments to US after productive call

      June 7, 2025
    • Musk feud presents ‘unprecedented’ dynamic compared to past Trump disputes: expert

      June 7, 2025
    • Snub of Musk’s NASA nominee ally preceded sudden ‘big, beautiful bill’ criticism, Trump feud

      June 6, 2025
    • Supreme Court rules DOGE can access Social Security information

      June 6, 2025
    • US sanctions money laundering network aiding Iran as regime faces nuclear reprimand at IAEA

      June 6, 2025

    Categories

    • Business (8,149)
    • Investing (2,019)
    • Politics (15,558)
    • Stocks (3,134)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved