Spanish state-owned shipbuilder Navantia is acquiring Belfast-based Harland & Wolff in a £70m deal that will secure all four of its shipyards and save about 1,000 jobs. The deal includes the acquisition of H&W’s Belfast yard, where the Titanic was built, as well as yards in Scotland and Devon.
The UK government had been involved in talks with Navantia to keep H&W afloat after it went into administration in September. However, ministers refused to provide taxpayer-funded support, leading to months of uncertainty for employees. The deal now ends this uncertainty, securing jobs across the country, including about 500 in Belfast.
Navantia managed to secure better terms on its contract with the UK government to build three fleet solid support ships, which supply Royal Navy vessels with dry goods such as food. The Spanish shipbuilder will build these ships in Belfast, Appledore, and Puerto Real, near Cádiz, in Spain.
The deal has been seen as part of the UK’s effort to “reset” relations with the EU and forge a new security and defence pact with the bloc. Navantia is wholly owned by the Spanish state and is involved in six European defence fund projects worth €520m (£430m).
The acquisition comes weeks after meetings between the Spanish economy minister, Carlos Cuerpo, and UK officials, including Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds.
Source: https://www.theguardian.com/business/2024/dec/19/navantia-to-buy-titanic-builder-harland-and-wolff-saving-1000-jobs-northern-ireland