The Finnish measure

Meyer Turku Oy is one of the Europe's leading shipbuilding companies and the largest national shipyard in Finland in terms of turnover associated with production and employment as well as relevance for direct and indirect supplier companies. The company contributes to the security of supply, national defence, and border control of Finland with its marine technology expertise and production capacity. In addition, Meyer Turku Oy is active in the global shipbuilding industry, holding 15% of the global cruise shipbuilding market. It has therefore great economic and social weight in both the Finnish and European economy.

Due to the current geopolitical crisis and the consequent cost increases for production and for basic design, the equity and liquidity position of Meyer Turku Oy deteriorated.

In this context, Finland notified the Commission a EUR 80 million recapitalisation measure to support Meyer Turku Oy in the context of Russia's war against Ukraine.

Under this measure, the aid will take the form of hybrid equity loan. The recapitalisation aims at strengthening the solvency of the company and at ensuring the smooth continuation of its activities, which is essential from both an economic and social perspective in light of the interaction of Meyer Turku Oy's operations with a sizeable value chain in the Finnish economy.

The public support will come subject to measures to limit competition distortions, such as a limitation on capacity and an acquisition ban until the equity loan has been fully redeemed, in line with the principles set out in the Rescue and Restructuring Guidelines. 

The Commission found that the recapitalisation measure is in line with the principles set out in the Temporary Crisis Framework. In particular, (i) the aid is proportionate and limited to the amount necessary to ensure the viability of the beneficiary and to restore its capital position; (ii) safeguards are in place to ensure that the beneficiary does not unduly benefit from the recapitalisation aid by the State to the detriment of fair competition in the Single Market; and (iii) the public support will be granted before the end of 2022, thus no later than 31 December 2023.  

The Commission therefore concluded that the recapitalisation measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in line with Article 107(3)(b) TFEU and the conditions set out in the Temporary Crisis Framework. The measure aims at restoring the financial position and liquidity of Meyer Turku Oy in the exceptional situation caused by Russia's war against Ukraine, while maintaining the necessary safeguards to limit competition distortions.

On this basis, the Commission approved the aid measure under EU State aid rules.