Malaysian multinational Genting Group today sealed its takeover of German shipbuilder Lloyd Werft after two months of negotiations.
The group, which has cruise shipping interests and is an investor in operators Star Cruises, Crystal Cruises, and Norwegian Cruise Line, has agreed to acquire a 70% stake for EUR17.5 million (USD20 million) in the Bremerhaven-based repair and conversion specialist.
It will acquire the shares from local companies BLG Logistics and Ehlerding Beteiligung, according to a joint statement by Genting and Lloyd Werft’s management in Bremen today.
The new owner has also pledged to go ahead with a newbuilding programme for several ocean- and river-going cruise vessels for Crystal Cruises, although details of the potential ‘mega-order’, which local politicians say will boost the region’s employment, have yet to be agreed.
The state government of Bremen has already undertaken to upgrade public quayside infrastructure occupied by Lloyd Werft for EUR30 million so that the newbuildings can be accommodated.
It will mark Lloyd Werft’s return to cruise ship newbuilding after more than a decade.