Pella Shipyard buys Sietas Shipyard
From left: Frank Horch, Hamburg’s Senator for Economy, Garegin G. Tsaturov, co-owner of Pella Shipyard, Natallia Dean, managing director of Terraline, and Berthold Brinkmann, insolvency administrator of Sietas Shipyard
The purchase agreement with the Hamburg-based company Terraline GmbH, a member of Pella Shipyard Group, has already been concluded and officially certified by a solicitor, but is still awaiting approval by the creditors’ committee and banks.
Following the takeover, Terraline will be renamed Pella Sietas GmbH. The buyer has committed itself to operate the business as shipyard for a further eight years at least. Pella Shipyard already has orders for the construction of tugs, icebreakers and supply ships, as well as other ships with high-level equipment requirements.
Pella Shipyard acquires Sietas Shipyard as part of transferral restructuring, by means of which approximately 120 employees are being kept on and/or re-employed via the Sietas transfer company by the end of April. The buyer intends to increase the number of employees at Sietas Shipyard to at least 400 by the end of 2016; its goal is furthermore to enhance the employment options at a variety of supply companies. Pella Shipyard is also planning to invest at least EUR15 million in the infrastructure at Sietas Shipyard by the end of 2016. The parties agreed to treat the purchase price in the strictest confidence; the buyer is funding the purchase via its own assets.
