Meyer family establishes foundations to secure long-term and stable ownership for Meyer shipyards in Finland and Germany
The Meyer family is building ships since 221 years. Ever since, the family company’s success relied on a long-term approach that aimed to develop the technology, advance the skill-set of employees, and reinvest profits.
The basis for this success is a stable ownership structure. To ensure this stability also for the future, the family has decided to donate its shares into family foundations. The legal form of a German family foundation is a proven framework to ensure a longterm stable ownership in a single hand supporting the sustainable development of the shipyards in Turku, Papenburg and Warnemünde.
The Meyer family business has developed from a small local shipyard in Papenburg / Germany to a global market leader in its sophisticated niche market of cruise ships, ferries and special ships with three shipyards in two countries. The Meyer family business has survived and thrived over 221 years in the difficult and highly competitive global shipbuilding market.
During all these years the demand for ships has been very volatile and the pace of technological change has accelerated.
To survive in such a market the Meyer family has employed a long-term approach to develop the technology, advance the skills of the shipyard employees and to reinvest profits. The basis for this all is a stable ownership – also for future generations.
Now the next family generation is entering the business: Dr. Jan Meyer (39) is in the family business since 2008 and the CEO of Meyer Turku Oy, since 2014. Since 1st of June, 2016, Tim Meyer (34) has entered the family business as one of the managing directors at Meyer Werft in Papenburg. Furthermore Dr. Paul Meyer (33) is taking over the responsibility for the IT of all shipyards as CIO.
To reflect the new constellation, the Meyer family has decided to donate its shares into two family foundations. Hence in the future one family foundation will be the long-term owner of Meyer Turku Oy and another family foundation will own the shares in the German Meyer family companies.
The operative management will not be affected by the introduction of the foundations.
“Family foundations are for us the ideal framework to maintain a single and stable owner for the shipyards in Turku, Papenburg and Warnemünde – also for future generations. By this step we want to secure the core success factors of our long-term success and maintain the character of a family company”, highlights Bernard Meyer.