528:, far inland next to a river that sets limits to the maximum size of the ships. Discussion with Meyer Werft was opened by STX Finland board member Lauri Ratia who travelled to Papenburg under assignment of the Finnish government and in secret from his employer. After hearing a cautiously positive answer Ratia contacted minister Vapaavuori who called the head of the family company Bernard Meyer. A Finnish delegation including Vapaavuori flew to Germany in November 2013 for a secret mission to sell a yard which the state did not own and neither had mandate to sell. Everything was done in secrecy because neither the Finnish government, nor Meyer Werft wanted that the Koreans knew about the plan because otherwise the price of the yard would have gone up. During meeting in Papenburg it came out that Meyer Werft was seriously interested in buying Turku shipyard and investing on it. During the visit the delegation noticed that the company puts a lot of effort on productivity and commits on their business; for the delegation, there was no doubt that Meyer Werft would be an ideal operator for Turku yard.
415:. While the sum was relatively small, financial status of STX was poor and according to an analysis the actually needed sum would be larger. It looked obvious that STX tried to press the Finnish government to first give a smaller sum which it would later use as a leverage for subsequent demands. The government was in a politically difficult situation, as the public, opposition parties and also own party members wanted to lend the money in order to secure the valuable order. The other option would have been becoming joint owner but the government did not want to have a financially unstable business partner. Instead, the government took another strategy – trying to find a new owner for Turku shipyard in secret from the Koreans and buying Helsinki-based naval engineering company
458:. The shipowner as well as other financiers of the projects had observed the financial situation of the shipbuilder and became distrustful on STX after the Finnish government's refusal of financing the new project. This led to opening of the financial basis of the TUI orders. The future of Finnish shipbuilding looked bad; a yard without order backlog would be worthless. Therefore, the ongoing projects had to be urgently secured. While the Finnish subsidiary was in crisis, the Korean owner remained passive. Negotiations with STX were challenging because it was difficult to find the right persons who have got the mandate to make decisions in the company, and the creditors,
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close the Rauma yard, however the management was finally convinced about the need to cut down capacity; STX Europe was in cash crisis and was forced to liquidate some of its property. In
September 2013 STX announced the closure of the Rauma yard and the sale of the area to the town of Rauma. While this led to an outcry, it fit perfectly with the plans of the government: the shipbuilding facilities were saved for a new start. Later, a new shipbuilding company
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non-committing quotation for the yard, but buying was subject to having new orders in addition to the ones under construction. The government and Meyer Werft contacted RCCL and TUI Cruises, and after long negotiations, Turku shipyard received orders for two cruise ships from TUI Cruises. Meyer Werft and
Finnish state bought Turku shipyard from STX in August 2014 for a nominal price, which, however, included liabilities of about €20 million.
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348:. This company was purchased by Kvaerner and became Aker Finnyards. In January 2005 Kvaerner Masa-Yards and Aker Finnyards merged to form the "new" Aker Finnyards Oy. The name of the company was changed to Aker Yards Oy on 7 June 2006, and to STX Finland Cruise Oy on 23 November 2008. Since September 2009 the company has been named STX Finland Oy.
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as the biggest one, had its word in the financial decisions of the heavily indebted company. The
Finnish government got crucially important support from RCCL, main owner of TUI Cruises. RCCL made concessions to secure the financial basis. Speculatively, RCCL wanted to save the yard because it did not
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The
Finnish government and STX made a restructuring plan together with a consulting company in June 2013. According to the report, there would not be sufficient orders for both Turku and Rauma yards, with the recommendation that the Rauma yard should be closed down. At first STX was reluctant to
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and arctic offshore projects. Again, the STX management as well as representatives of Korean
Development Bank, were not willing to discuss. The Finnish government had to organise meeting by help of diplomacy, telling that it is not appropriate to reject a meeting with a minister. The company
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was removed from office due to charge of fraud and this probably affected on STX to become more willing to sell the shipyard. Meyer Werft representatives visited at Turku shipyard in the same month and their calculations showed that the yard could be operated profitably. The company made a
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want to lose an important part of the global cruise ship building capacity. Moreover, STX sold the Perno shipyard area for €23.5 million and the state gave innovation support to STX. Financing of the TUI vessels was secured with these actions.
535:. Vapaavuori travelled to Korea in May 2014 telling that the government has found "an unnamed industrial partner" which is interested in Turku shipyard. The STX representatives possibly thought that it was a local consortium. The founder of STX
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Despite the high pressure, in
December 2012 the government refused to provide the loan, with the formal excuse that EU does not allow giving subsidies to unprofitable companies. Turku shipyard lost the order which went to
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about an order of a large cruise ship. In order to secure the financial basis of the project, STX sent a request for loan of 50 million euros to the
Finnish government and a copy of the request to media.
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where the government was more generous. The decision of the
Finnish government was received with consternation and vast criticism from every direction; however, the main
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with financing from the shipping companies to finish the ships under construction, eventually taking over the operations of Wärtsilä's former shipyards. In the mid-90s
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management did not want to make decisions but later the increasingly weakening situation forced STX to sell more of its property. Finally, STX sold Aker Arctic to
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STX remained silent for the following months. The
Finnish government started pushing the Korean owner; this step was under code name
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was selected a strong candidate. The family company had significant cruise ship operators as customers but the yard is located in
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492:. The Finnish politicians urged Russian owners to buy the Korean half of Arctech. USC became a sole owner in December 2014.
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was moderate at judging the decision-making politicians, as the party leaders were aware of the poor condition of STX.
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The final step was finding a new operator for the Turku shipyard. The secret operation was under name
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on classified papers. The
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781:"STX – kuinka telakkateollisuus pelastettiin keinoja kaihtamatta"
361:. More recent cruise ships built by the company included the two
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STX Finland Oy was a descendant of different shipyard companies.
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operated the shipyards of Helsinki and Turku since the 1930s.
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419:. The man behind the plot was Minister of Economic Affairs,
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in 2010. In September 2013, STX Finland announced that the
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STX Finland and its predecessors built many luxurious
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480:Selling of Helsinki shipyard and Aker Arctic
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833:Manufacturing companies established in 1989
661:Ministry of Fisheries and Marine Resources
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853:Defunct shipbuilding companies of Finland
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787:(in Finnish). Helsinki: Sanoma company
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450:Salvage of projects under construction
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403:The Finnish government, then led by
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170:Headquarters
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55:Company type
620:(left) and
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583:Viking Line
522:Meyer Werft
501:icebreakers
497:Aker Arctic
456:TUI Cruises
417:Aker Arctic
371:(2009) and
338:Hollming Oy
320:shipyards.
294:Meyer Werft
245:, formerly
213:Meyer Werft
152:Aker Arctic
147:Meyer Turku
130:Meyer Werft
75:Predecessor
817:Categories
791:2016-01-03
729:References
682:Nils Dacke
440:opposition
322:Masa-Yards
267:STX Europe
232:Aker Yards
141:Successors
111:Ted Arison
92:1989-11-07
59:osakeyhtiö
49:Aker Yards
701:Armorique
656:Mirabilis
526:Papenburg
346:Finnyards
251:shipyards
18:Finnyards
747:Archived
712:See also
694:Helsinki
594:Gaiamare
434:located
411:and the
330:Kvaerner
310:Wärtsilä
276:Half of
259:Helsinki
192:Products
101:Founders
65:Industry
45:Formerly
687:TT-Line
665:Namibia
486:Arctech
304:History
238:in 2006
185:Finland
117:Defunct
90: (
85:Founded
442:group
429:French
318:Valmet
208:Parent
785:hs.fi
671:Turva
635:Rauma
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549:Turku
363:Oasis
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397:RCCL
261:and
125:Fate
120:2014
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