Spanish shipbuilding group Navantia has ridden to the rescue of Harland & Wolff, a British shipbuilder weighed down in debt.
Navantia will take over the company and its four shipyards spread across the United Kingdom, with the British government ensuring Harland & Wolff will build three navy vessels as part of the takeover deal, which is set to be officially announced tomorrow.
Harland & Wolff entered administration in September after a request for a £200m ($261m) facility from the UK government’s export credit agency fell through, the second time in just five years when it has entered administration.
The shipbuilder is most famous for building the Titanic more than a century ago.
