Romania’s Mangalia shipyard sold to Rheinmetall for EUR 138 mln

<p>Damen Shipyards Mangalia has been sold to Rheinmetall Real Estate Romania for EUR 138.03 million, excluding VAT, judicial liquidator CITR announced on Friday, October 9. The company won the auction conducted as part of the shipyard’s insolvency proceedings.</p> <p>CITR said the transaction could allow operations to resume at the shipyard, which it described as one of Romania’s most important industrial assets.</p> <blockquote>“The sale concludes a complex asset-valuation process intended to ensure operational continuity and provide an encouraging outlook for the future,” said CITR CEO Paul Dieter Cîrlănaru.</blockquote> <p>The sale price was at 75% of the EUR 184 million market value used for the previous four auctions, according to <a href="https://www.zf.ro/zf-24/santierul-naval-damen-mangalia-vandut-catre-gigantul-rheinmetall-pentru-138-milioane-de-euro-23256754">Ziarul Financiar</a>. Those attempts ended without a buyer.</p> <p>Damen Shipyards Mangalia entered insolvency on June 19, 2024, following a request from its parent company, Damen Holding BV.</p>