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Industrial PRIME | June 17, 2016

At the Cutting Edge of Shipbuilding Since 1795: Meyer Family Donates Its Shares to Family Foundations

Ovation of the Seas, the third ship in the Quantum class of luxury cruise ships operating for Royal Caribbean International, was built by Meyer Werft at the Papenburg shipyard. It entered service on 14 April 2016. (Image: Meyer Werft)
At the Cutting Edge of Shipbuilding Since 1795: Meyer Family Donates Its Shares to Family Foundations

Industrial PRIME | June 17, 2016

A successful player in the challenging, highly competitive shipbuilding market for a whopping 221 years, the Meyer family has decided to secure its future by donating its shares to two separate family foundations.

According to the Meyer family, the legal form of a German family foundation is a proven framework to ensure stable, long-term ownership supporting the sustainable development of the shipyards in Turku, Papenburg, and Warnemünde.

One of the family foundations is to become the long-term owner of Meyer Turku, located in Finland, while the other will own the shares of the Meyer family’s German companies. The operative management of each company will not be affected by the introduction of the foundations.

The Meyer family originally started from a small local shipyard in Papenburg, Germany. Today, we are talking about a global leader in the niche market of sophisticated cruise ships, ferries, and other special ships.

Traditionally, the family company’s success has been enabled by a long-term approach dedicated to developing shipbuilding technology, advancing the skills of employees, as well as reinvesting profits to guarantee growth and development. To support such a set-up, a stable ownership structure is considered to be the icing on the cake.

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