Two European shipyards find new owners after years of turmoil

AI Summary

Germany’s Rheinmetall has secured Romania’s Mangalia shipyard for €138 million, while Turkey’s Kuzey Star Shipyard was selected to acquire Croatia’s Uljanik Brodogradnja 1856. The ownership changes follow years of turmoil at both European shipyards.

Two of Europe’s best-known shipyards are heading into new ownership, with Germany’s Rheinmetall taking over Romania’s Mangalia facility and Turkey’s Kuzey Star Shipyard selected to acquire Croatia’s Uljanik Brodogradnja 1856. German defence giant Rheinmetall has secured the Mangalia shipyard for €138m ($160m), winning an auction organised by court-appointed liquidator CITR on Friday. The Black Sea …