Spanish shipbuilding group Navantia is planning to invest EUR 95m ($108m) per year until 2022 to upgrade its operations.
This would mark the completion of its strategic plan, it told Spanish state-owned industrial holding company SEPI and six trade union federations in a meeting on Thursday.
Most of the cash is going on digital transformation and process optimisation, news agency Europa Press reported.
It will also employ 1,658 new workers.
Navantia wants to recruit 563 people in 2019, 546 in 2020, 390 in 2021 and 159 in 2022.
But in tandem with this, it said it would carry out compulsory redundancies of 2,200 staff who reach the age of 61 between 1 January next year and 31 December, 2022.
The yard is building two suezmaxes for Ibaizabal Tankers currently.
