This article is from the source 'bbc' and was first published or seen on . The next check for changes will be
You can find the current article at its original source at https://www.bbc.com/news/articles/cn9g2r9dn0vo
The article has changed 6 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Harland & Wolff set to be saved in deal with Spanish firm | Harland & Wolff set to be saved in deal with Spanish firm |
| (about 2 hours later) | |
| Navantia already has a business relationship with Harland and Wolff | Navantia already has a business relationship with Harland and Wolff |
| Spain's state-owned shipbuilder is expected to confirm on Thursday that it is buying Harland and Wolff, the Belfast shipyard best known for the Titanic. | |
| Navantia has been in exclusive negotiations since October after Harland and Wolff's holding company fell into administration. | Navantia has been in exclusive negotiations since October after Harland and Wolff's holding company fell into administration. |
| All jobs at the firm are expected to be saved in the deal, which is also thought to include Harland and Wolff's facilities in Scotland and England. | All jobs at the firm are expected to be saved in the deal, which is also thought to include Harland and Wolff's facilities in Scotland and England. |
| The BBC understands that an announcement is also expected to be made in parliament on Thursday. | The BBC understands that an announcement is also expected to be made in parliament on Thursday. |
| Navantia's main shipyard is at Cadiz in southern Spain | Navantia's main shipyard is at Cadiz in southern Spain |
| The government may announce that it is improving the terms of that deal to reflect increased costs. | The government may announce that it is improving the terms of that deal to reflect increased costs. |
| The agreement is to be presented as early fruits of the government's post Brexit "reset". | The agreement is to be presented as early fruits of the government's post Brexit "reset". |
| Navantia, which is 100% owned by Spain's government, has been a significant recipient of funding from the European Commission as part of the European Defence Fund. | Navantia, which is 100% owned by Spain's government, has been a significant recipient of funding from the European Commission as part of the European Defence Fund. |
| 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. | 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. |
| 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. | 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. |
| Navantia already has a business relationship with Harland and Wolff. It is the main contractor on a project to build three support ships for the Royal Navy, with Harland and Wolff acting as UK subcontractor. | Navantia already has a business relationship with Harland and Wolff. It is the main contractor on a project to build three support ships for the Royal Navy, with Harland and Wolff acting as UK subcontractor. |
| The company employs a core staff of about 1,200 in Belfast, Appledore in England and Methil and Arnish in Scotland. | The company employs a core staff of about 1,200 in Belfast, Appledore in England and Methil and Arnish in Scotland. |
| Navantia's main shipyard is at Cadiz in southern Spain. | Navantia's main shipyard is at Cadiz in southern Spain. |
| It employs more than 4,000 people and has an annual turnover of about €1.3bn (£835m). | It employs more than 4,000 people and has an annual turnover of about €1.3bn (£835m). |
| What is the history of Harland & Wolff? | What is the history of Harland & Wolff? |
| In 2019, H&W's then Norwegian owners withdrew financial support | In 2019, H&W's then Norwegian owners withdrew financial support |
| Harland and Wolff was founded in 1861 by Yorkshireman Edward Harland and his German business partner, Gustav Wolff. | Harland and Wolff was founded in 1861 by Yorkshireman Edward Harland and his German business partner, Gustav Wolff. |
| By the early 20th Century, Harland and Wolff dominated global shipbuilding and had become the most prolific builder of ocean liners in the world. | By the early 20th Century, Harland and Wolff dominated global shipbuilding and had become the most prolific builder of ocean liners in the world. |
| 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. | 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. |
| In 2019, its then Norwegian owners withdrew financial support and the business fell into insolvency, having not built a ship in a generation. | In 2019, its then Norwegian owners withdrew financial support and the business fell into insolvency, having not built a ship in a generation. |
| The government may announce an improved deal to reflect increased costs | The government may announce an improved deal to reflect increased costs |
| It was bought by Infrastrata, a small London-based energy firm which did not have significant experience in marine engineering. | It was bought by Infrastrata, a small London-based energy firm which did not have significant experience in marine engineering. |
| 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. | 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. |
| 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. | 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. |
| The company sought a £200m government loan guarantee to refinance its borrowings but that was rejected for being too risky for taxpayers. | The company sought a £200m government loan guarantee to refinance its borrowings but that was rejected for being too risky for taxpayers. |
| Its holding company entered administration in September and restructuring expert Russell Downs was appointed to run the business and find a new owner. | Its holding company entered administration in September and restructuring expert Russell Downs was appointed to run the business and find a new owner. |