The acquisition agreement was announced in early August, subject to German antitrust authority approval. This has now been granted and financing with the commercial banks has also been obtained.

Meyer Turku is constructing Mein Schiff 4, scheduled to be delivered in May 2015, plus a further two more vessels ordered over the summer and due in 2016 and 2017.

Meyer Werft holds 70% of the shares whilst the Finland took a 30% stake through the Finnish Industry Investment Ltd, a fully government-owned investment company. The investors have injected fresh equity into the company.

‘We now have a great chance to make the Turku yard strong again,’ said Jan Meyer, ceo of Meyer Turku. ‘It will not be easy; the competition in our market remains intense.

‘Yet we found a strong and committed team in Turku,’ he continued. ‘In addition there is a lot of potential to learn from each other for the benefit of all our yards in Papenburg, Warnemünde and Turku. We just have to work hard on it and constantly improve our productivity. This is the only way to ensure that we can continue the great legacy of Turku yard for many years to come.’

Jan Vapaavuori, minister of economic affairs, expressed his satisfaction after the purchase. ‘The Finnish shipyards’ know-how is very important for the whole maritime industry in Europe. It is a high-tech industry. We have great expectations from our important investment in the Turku shipyard,’ he noted.

The Turku facility employs 1,350 people and concentrates in building cruise ships, car-passenger ferries and other specialized vessels.