Shipbuilder Navantia, a Spanish state-owned firm with headquarters in Madrid, has completed the takeover of Harland and Wolff.
The deal, reports BBC News, covers Harland and Wolff's four shipyards in Belfast, Arnish, and Methil in west and east Scotland and Appledore in south-west England, which employ around 1,000 people.
Navantia in December agreed to buy Harland & Wolff with regulatory approvals required before the transaction of the multisite marine engineering business could be finalized.
Commenting on the takeover, Ricardo Domínguez, Chairman of Navantia, said: "The completion of this acquisition marks a significant milestone for Navantia UK and demonstrates our long-term commitment to UK industry."
All current employees of Harland and Wolff (which has a history dating to 1861) have been transferred to Navantia UK under their existing terms and conditions.
The UK trade union, GMB, has welcomed the completion of the deal. Its national officer, Matt Roberts, said: "Workers across all four yards will breathe a sigh of relief at finally being under stable ownership.
He added, "But at GMB we will remain cautious. Without a steady drumbeat of work, these yards will continue to struggle."
Navantia’s takeover will also include the firm’s previous major contract for the construction of three replenishment new builds for the Royal Fleet Auxiliary (RFA) the civilian branch of the Royal Navy. The trio form the project known as the Fleet Solid Support (FSS) programme, which will serve the requirements of the RN and the Queen Elizabeth II class aircraft carriers.
The deal, according to Navantia, ensures the continuation of the FSS programme adding: "These vessels will be built at the Belfast and Appledore facilities alongside Navantia's facilities in Spain. Navantia UK plans significant development of the yards for the defense, maritime, and green energy sectors."
It emerged earlier this month that the shipyards on both sides of the Irish Sea, would be put into administration as part of the deal. However, the deal sees that Navantia will not be stuck with the firm's legacy debts, but it will mean that some suppliers will face financial losses.
More on the takeover development here of the shipyard with over 160 years in business at the Queen’s Island site in east Belfast.
