Navantia Completes Acquisition of Harland & Wolff Shipyards

Spain's state-owned shipbuilder Navantia has successfully completed its acquisition of Harland & Wolff, a historic shipbuilder known for constructing the Titanic, securing over 1,000 jobs across its four UK shipyards. The deal, supported by the UK government, aims to stabilize Harland & Wolff after it fell into administration due to financial difficulties and a lack of long-term funding. Chairman Ricardo Domínguez emphasized the merger as a pivotal moment for Navantia UK, allowing for growth in defense, maritime, and renewable energy sectors. As part of the agreement, all current employees will retain their positions and work on critical projects, including the construction of support ships for the Royal Navy. However, concerns remain regarding the financial impact on suppliers due to Harland & Wolff's administration, with some companies facing significant losses. The GMB trade union welcomed the acquisition but cautioned about the need for consistent work to ensure the yards' long-term viability.