IG Metall Union Satisfied With Winds Of Change After FSG Acquisition By Lars Windhorst

By | 2019 Newsletter week 37 | No Comments

Trade union leader Michael Schmidt speaks of a “completely different culture of communication,” after the full take-over of the Flensburg shipyard by investor Lars Windhorst.
Managing Director Alex Gregg-Smith briefed employees on Windhorst’s Tennor Holding plans, possible future construction programs and work.

“Gregg-Smith was very open to us. This is a completely different culture of communication,” said the union spokesman. A positive wind of change.

Financial Investor Lars Windhorst Rescues Flensburg Shipyard

By | 2019 Newsletter week 7 | No Comments

Financial investor Lars Windhorst has thrown out a lifeline to the German shipyard by acquiring the majority of FSG.

Windhorst’s Sapinda Holding B.V. took over 76% of the shares, said previous owner, the Norwegian company Siem.

Some EUR 33 million of fresh equity will also be put by Windhorst’s holding into the yard.

In addition, Siem has issued FSG ten million in arrears, which were converted into new shares.

According to its own statements, Siem wants to remain an active shareholder with a majority in FSG’s advisory board.

As late as January, the FSG had difficulties paying their salaries to shipyard employees, including 650 full-time employees. The parent company Siem Industries finally had to step in.

The order books of the FSG are filled until 2021. In total, there are orders for seven ships with a contract volume of one billion euros.

With agency material