LONDON (AP) — The future of the Northern Ireland-based Harland and Wolff shipbuilder, known for constructing the Titanic, seems to have been secured as Spanish state-owned company Navantia has stepped in to acquire it. The purchase of Harland and Wolff, which entered a form of bankruptcy in September for the second time in five years, is pending regulatory approval.
If the deal goes through, it will safeguard 1,000 jobs at Harland and Wolff’s four shipyards, including the renowned one in Belfast, Northern Ireland. The other shipyards are located in Scotland and England.
This acquisition holds significance for the Royal Navy as Harland and Wolff is a subcontractor within a consortium that recently won a substantial contract to construct new ships. Navantia's U.K. division serves as the primary contractor for this project.
Business and Trade Secretary Jonathan Reynolds expressed optimism about the deal, stating, “This agreement reflects Navantia's confidence in the U.K., ensuring the continuity of U.K. shipbuilding, preserving 1,000 jobs nationwide, and stimulating future investments in shipbuilding across the U.K.”
Reynolds refrained from disclosing the additional taxpayer funds that might be allocated to the Royal Navy support vessels contract to facilitate the agreement with Harland and Wolff. He emphasized that any adjustments to the contract were relatively minor in comparison to its overall scale, underscoring its critical importance for national security.
