The Spanish company struck a hard bargain but, with no other parties in the ring, it could call the shots. Announced Thursday morning UK time, Navantia will acquire the iconic Belfast yard, Appledore in England, and Arnish and Methil in Scotland, for £70 million, far short of the asking price.
About 1,000 jobs were thought to be at risk at the four yards. But thousands more would have been endangered at third party engineering firms and other suppliers.
With its back against the wall, the UK Government not only agreed a lower price but sweetened the deal further by improving the terms of a £1.6 billion contract for three fleet solid support (FSS) ships on order at H&W. The vessels, which will support the Royal Navy’s UK carrier strike group, are to be built in Belfast, Appledore and Puerto Real in Spain, and Navantia is lead partner on the FSS contract.
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