German shipbuilding family Meyer and state-owned Finnish Industry Investment Ltd (FII) acquired Turku shipyard from STX Europe in September 2014. Meyer Turku employs 1,550 people and specializes in building highly complex, innovative and environmentally friendly cruise ships, car-passenger ferries and special vessels.
Investing in Finland was a big and strategic step, according to Jan Meyer, CEO of Meyer Turku.
“Turku shipyard was always a strong technical competitor for Meyer Werft, our shipyard in Germany. With two shipyards capable of building large, highly sophisticated cruise ships we are able to offer more flexibility to our customers and also to really sharpen our competitive edge,” says Meyer.
“We were also very pleased to find a motivated and highly skilled shipbuilding team still in Turku, and now we are rebuilding the shipyard with investments and new jobs.”
Investments and research for long-term success
In April 2015, the Meyer family also acquired FII’s minority stake in the shipyard. As the first step of its major investment program in Finland, Meyer Turku is now investing EUR 35 million in a new 1,200 ton Goliath gantry crane delivered by Konecranes, and the modernization of the shipyard’s existing 600 ton crane. This will triple the shipyard’s lifting capacity per day and allow building and lifting bigger blocks with more outfitting.
Meyer Turku’s total investment program amounts to EUR 75 million, including EUR 17 million in its subsidiary Piikkio Works Oy which will almost double the output of the cabin factory. In the R&D field, Meyer Turku and the University of Turku and have launched the SUSTIS project (Sustainability Transparency in Shipbuilding Networks). Its aim is to study the possibilities for enlarging the scope of sustainability across the life cycle of a ship’s operations and the subcontracting network.
“The strategic investments made by Meyer Turku demonstrate that Finland also offers companies in the heavy industries an excellent business environment and top-level know-how,” says Antti Aumo, Head of Finpro’s Invest in Finland unit.
New ship orders boost regional economy
Meyer Turku is currently building a series of cruise ships for TUI Cruises as well as Tallink’s new fast ferry Megastar. The company will also build two large cruise ships for Costa Crociere. Each cruise ship brings a significant amount of work for the shipyard and Finnish maritime industry network. The domestic content of these ships is approximately 80%.
“Meyer Turku now has orders until 2024 which is great news for the whole Southwest coast. The shipbuilding industry has major direct and indirect effects on employment and growth in the region. The marine industry employs 10,500 persons in the region and there are about 250 companies in the chain of subcontractors,” says Annika Bernitz from Turku Science Park Oy.