{"id":39598,"date":"2024-12-18T21:19:34","date_gmt":"2024-12-19T02:19:34","guid":{"rendered":"https:\/\/newssprinters.com\/index.php\/world\/harland-wolff-set-to-be-saved-in-deal-with-spanish-firm\/18\/12\/2024\/"},"modified":"2024-12-18T21:19:34","modified_gmt":"2024-12-19T02:19:34","slug":"harland-wolff-set-to-be-saved-in-deal-with-spanish-firm","status":"publish","type":"post","link":"https:\/\/newssprinters.com\/index.php\/world\/harland-wolff-set-to-be-saved-in-deal-with-spanish-firm\/18\/12\/2024\/","title":{"rendered":"Harland &#038; Wolff set to be saved in deal with Spanish firm"},"content":{"rendered":"<p>\n<\/p>\n<div data-article-body=\"true\">\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">Spain&#8217;s state-owned shipbuilder is expected to confirm on Thursday that it is buying Harland and Wolff, the Belfast shipyard best known for Titanic.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">Navantia has been in <a href=\"https:\/\/www.bbc.co.uk\/news\/articles\/c0jwyj745lno?xtor=AL-72-%5Bpartner%5D-%5Byahoo.north.america%5D-%5Blink%5D-%5Bnews%5D-%5Bbizdev%5D-%5Bisapi%5D\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:exclusive negotiations;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">exclusive negotiations<\/a> since October after Harland and Wolff&#8217;s holding company fell into administration.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">All jobs at the firm are expected to be saved in the deal, which is also thought to include Harland and Wolff&#8217;s facilities in Scotland and England.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">The BBC understands that an announcement is also expected to be made in parliament on Thursday.<\/p>\n<figure class=\"relative col-body mb-4\">\n<div class=\"relative\"><button aria-label=\"View larger image\" class=\"group absolute bottom-3 right-3 size-10 md:size-[50px] lg:inset-0 lg:size-full lg:bg-transparent\" data-ylk=\"elm:expand;itc:1;sec:image-lightbox;slk:lightbox-open;\"><span class=\"absolute bottom-0 right-0 rounded-full bg-white p-3 opacity-100 shadow-elevation-3 transition-opacity duration-300 group-hover:block group-hover:opacity-100 md:p-[17px] lg:bottom-6 lg:right-6 lg:bg-white\/90 lg:p-5 lg:opacity-0 lg:shadow-none\"><svg viewbox=\"0 0 22 22\" aria-hidden=\"true\" class=\"size-4 lg:size-6\" width=\"22\" height=\"22\"><path d=\"M12.372.92c0-.506.41-.916.915-.916L21 0l-.004 7.712a.917.917 0 0 1-1.832 0V3.183l-6.827 6.828-1.349-1.348 6.828-6.828h-4.529a.915.915 0 0 1-.915-.915M1.835 17.816l6.828-6.828 1.349 1.349-6.829 6.827h4.529a.915.915 0 0 1 0 1.831L0 21l.004-7.713a.916.916 0 0 1 1.831 0z\"\/><\/svg><\/span><\/button><dialog aria-label=\"Modal Dialog\" aria-modal=\"true\" class=\"fixed inset-0 z-[4] size-full max-h-none max-w-none bg-white hidden\"\/><\/div><figcaption class=\"relative text-sm mt-1 pr-2.5\">\n<p>Navantia&#8217;s main shipyard is at Cadiz in southern Spain [Getty Images]<\/p>\n<\/figcaption><\/figure>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">The government may announce that it is improving the terms of that deal to reflect increased costs.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">The agreement is to be presented as early fruits of the government&#8217;s post Brexit &#8220;reset&#8221;.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">Navantia, which is 100% owned by Spain&#8217;s government, has been a significant recipient of funding from the European Commission as part of the European Defence Fund.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">Joining the fund is a possible objective for the UK-EU security reset, set to be discussed at a summit early in the new year.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">The Spanish economy minister responsible for its state-owned businesses, Carlos Cuerpo, met with Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds in London last month.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">Navantia already has a business relationship with Harland and Wolff. It is the main contractor on a project to build three support ships for <a href=\"https:\/\/www.bbc.co.uk\/news\/articles\/cn03lrj470eo?xtor=AL-72-%5Bpartner%5D-%5Byahoo.north.america%5D-%5Blink%5D-%5Bnews%5D-%5Bbizdev%5D-%5Bisapi%5D\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:the Royal Navy;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">the Royal Navy<\/a>, with Harland and Wolff acting as UK subcontractor.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">The company employs a core staff of about 1,200 in Belfast, Appledore in England and Methil and Arnish in Scotland.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">Navantia&#8217;s main shipyard is at Cadiz in southern Spain.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">It employs more than 4,000 people and has an annual turnover of about \u20ac1.3bn (\u00a3835m).<\/p>\n<h2 class=\"col-body mb-4 text-xl font-bold md:text-2xl\">What is the history of Harland &amp; Wolff?<\/h2>\n<figure class=\"relative col-body mb-4\">\n<div class=\"relative\"><img alt=\"Yellow cranes at the Belfast dry docks on the site of the former Harland and Wolff shipyard where the Titanic was built.\" loading=\"lazy\" width=\"960\" height=\"540\" decoding=\"async\" data-nimg=\"1\" class=\"rounded-lg\" style=\"color:transparent\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/gDvqeiOwoQw56mO0WG2HQw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--\/https:\/\/media.zenfs.com\/en\/bbc_us_articles_995\/d441df7613b77385a6d636e46f121783\"\/><button aria-label=\"View larger image\" class=\"group absolute bottom-3 right-3 size-10 md:size-[50px] lg:inset-0 lg:size-full lg:bg-transparent\" data-ylk=\"elm:expand;itc:1;sec:image-lightbox;slk:lightbox-open;\"><span class=\"absolute bottom-0 right-0 rounded-full bg-white p-3 opacity-100 shadow-elevation-3 transition-opacity duration-300 group-hover:block group-hover:opacity-100 md:p-[17px] lg:bottom-6 lg:right-6 lg:bg-white\/90 lg:p-5 lg:opacity-0 lg:shadow-none\"><svg viewbox=\"0 0 22 22\" aria-hidden=\"true\" class=\"size-4 lg:size-6\" width=\"22\" height=\"22\"><path d=\"M12.372.92c0-.506.41-.916.915-.916L21 0l-.004 7.712a.917.917 0 0 1-1.832 0V3.183l-6.827 6.828-1.349-1.348 6.828-6.828h-4.529a.915.915 0 0 1-.915-.915M1.835 17.816l6.828-6.828 1.349 1.349-6.829 6.827h4.529a.915.915 0 0 1 0 1.831L0 21l.004-7.713a.916.916 0 0 1 1.831 0z\"\/><\/svg><\/span><\/button><dialog aria-label=\"Modal Dialog\" aria-modal=\"true\" class=\"fixed inset-0 z-[4] size-full max-h-none max-w-none bg-white hidden\"\/><\/div><figcaption class=\"relative text-sm mt-1 pr-2.5\">\n<p>In 2019, H&amp;W&#8217;s then Norwegian owners withdrew financial support [Getty Images]<\/p>\n<\/figcaption><\/figure>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">Harland and Wolff was founded in 1861 by Yorkshireman Edward Harland and his German business partner, Gustav Wolff.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">By the early 20th Century, Harland and Wolff dominated global shipbuilding and had become the most prolific builder of ocean liners in the world.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">However, in the period since World War Two it has lurched from crisis to crisis and was under UK state control from 1977 to 1989.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">In 2019, its then Norwegian owners withdrew financial support and the business fell into insolvency, having not built a ship in a generation.<\/p>\n<figure class=\"relative col-body mb-4\">\n<div class=\"relative\"><img alt=\"A worker grinds pieces of steel during the construction of a barge at the production facility in Harland &amp; Wolff. One workers is wearing a hardhat and the other is wearing a helmet over their eyes. Both are dressed in bright red.\" loading=\"lazy\" width=\"960\" height=\"540\" decoding=\"async\" data-nimg=\"1\" class=\"rounded-lg\" style=\"color:transparent\" src=\"https:\/\/s.yimg.com\/ny\/api\/res\/1.2\/srC61iC36OTe42.P.2D8zw--\/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MA--\/https:\/\/media.zenfs.com\/en\/bbc_us_articles_995\/4749957a6dcf6d4a49cfc7e927a27b2a\"\/><button aria-label=\"View larger image\" class=\"group absolute bottom-3 right-3 size-10 md:size-[50px] lg:inset-0 lg:size-full lg:bg-transparent\" data-ylk=\"elm:expand;itc:1;sec:image-lightbox;slk:lightbox-open;\"><span class=\"absolute bottom-0 right-0 rounded-full bg-white p-3 opacity-100 shadow-elevation-3 transition-opacity duration-300 group-hover:block group-hover:opacity-100 md:p-[17px] lg:bottom-6 lg:right-6 lg:bg-white\/90 lg:p-5 lg:opacity-0 lg:shadow-none\"><svg viewbox=\"0 0 22 22\" aria-hidden=\"true\" class=\"size-4 lg:size-6\" width=\"22\" height=\"22\"><path d=\"M12.372.92c0-.506.41-.916.915-.916L21 0l-.004 7.712a.917.917 0 0 1-1.832 0V3.183l-6.827 6.828-1.349-1.348 6.828-6.828h-4.529a.915.915 0 0 1-.915-.915M1.835 17.816l6.828-6.828 1.349 1.349-6.829 6.827h4.529a.915.915 0 0 1 0 1.831L0 21l.004-7.713a.916.916 0 0 1 1.831 0z\"\/><\/svg><\/span><\/button><dialog aria-label=\"Modal Dialog\" aria-modal=\"true\" class=\"fixed inset-0 z-[4] size-full max-h-none max-w-none bg-white hidden\"\/><\/div><figcaption class=\"relative text-sm mt-1 pr-2.5\">\n<p>The government may announce an improved deal to reflect increased costs [Getty Images]<\/p>\n<\/figcaption><\/figure>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">It was bought by Infrastrata, a small London-based energy firm which did not have significant experience in marine engineering.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">Infrastrata later changed its name to Harland and Wolff and in 2022 won the Royal Navy contract as part of a consortium led by Navantia.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">However, financial losses mounted as it scaled up its operations and it became increasingly reliant on high-interest borrowings from a specialist US lender, Riverstone.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">The company sought a \u00a3200m government loan guarantee to refinance its borrowings but that was rejected for being too risky for taxpayers.<\/p>\n<p class=\"col-body mb-4 text-lg md:leading-8 break-words min-w-0\">Its holding company <a href=\"https:\/\/www.bbc.co.uk\/news\/articles\/crkddrv7v2po?xtor=AL-72-%5Bpartner%5D-%5Byahoo.north.america%5D-%5Blink%5D-%5Bnews%5D-%5Bbizdev%5D-%5Bisapi%5D\" rel=\"nofollow noopener\" target=\"_blank\" data-ylk=\"slk:entered administration in September;elm:context_link;itc:0;sec:content-canvas\" class=\"link \">entered administration in September<\/a> and restructuring expert Russell Downs was appointed to run the business and find a new owner.<\/p>\n<\/div>\n<p><a href=\"https:\/\/www.yahoo.com\/news\/spanish-firm-expected-announce-harland-000038268.html\" target=\"_blank\" rel=\"noopener nofollow\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Spain&rsquo;s state-owned shipbuilder is expected to confirm on Thursday that it is buying Harland and Wolff, the Belfast shipyard best known for<br \/><button class=\"read-more\"><a href=\"https:\/\/newssprinters.com\/index.php\/world\/harland-wolff-set-to-be-saved-in-deal-with-spanish-firm\/18\/12\/2024\/\">Read More &rsaquo;<\/a><\/button><\/p>\n","protected":false},"author":1,"featured_media":39600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","footnotes":""},"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/newssprinters.com\/index.php\/wp-json\/wp\/v2\/posts\/39598"}],"collection":[{"href":"https:\/\/newssprinters.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newssprinters.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newssprinters.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newssprinters.com\/index.php\/wp-json\/wp\/v2\/comments?post=39598"}],"version-history":[{"count":0,"href":"https:\/\/newssprinters.com\/index.php\/wp-json\/wp\/v2\/posts\/39598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newssprinters.com\/index.php\/wp-json\/wp\/v2\/media\/39600"}],"wp:attachment":[{"href":"https:\/\/newssprinters.com\/index.php\/wp-json\/wp\/v2\/media?parent=39598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newssprinters.com\/index.php\/wp-json\/wp\/v2\/categories?post=39598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newssprinters.com\/index.php\/wp-json\/wp\/v2\/tags?post=39598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}