Harland and Wolff, the shipbuilding company behind the Titanic, is to be bought by Spain's state-owned company Navantia after the iconic Northern Ireland-based shipbuilder went bankrupt for the second time in five years this September.
This deal has yet to clear regulatory hurdles but has already brought some hope for the future of UK shipbuilding.
According to AP News, this can create as many as 1,000 jobs from the shipyards across Harland and Wolff's iconic sites: those situated in Belfast, in the northern part of Scotland, and other in England. Besides job-saving missions, this deal is also expected to uphold all critical naval projects and others tied to national security.
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The Royal Navy is set to gain much from this contract. Harland and Wolff is a subcontractor in a consortium building new ships, while Navantia's UK division is the main contractor on this large project. Business and Trade Secretary Jonathan Reynolds welcomed the deal, describing it as a "vote of confidence" in the UK's shipbuilding industry, per The London Evening Standard. He added that it would secure jobs, attract future investment, and strengthen the country's naval capabilities.
While Reynolds conceded that some additional taxpayer dollars may be needed to complete the deal, he played down concerns over the costs. He called the adjustments "relatively minor" compared to the magnitude of the contract and underscored the significance of the project for the nation's defense strategy.
This marks a new chapter for the shipbuilder company, which has suffered for years. The acquisition of Navantia in Harland and Wolff may just revive this entity's legacy, not to mention that it could keep the United Kingdom's shipbuilding industry thriving in the international market. All it needs to do is to pass all regulatory approvals.
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