Germany's Flensburger Schiffbau-Gesellschaft (FSG) has taken over compatriot shipbuilder Nobiskrug to target the superyacht market.
The company — bought out of insolvency by Lars Windhorst's Tennor Group last year — said all 280 Nobiskrug employees will be retained following the acquisition.
The purchase price is confidential.
Competition clearance is needed for the deal to be completed.
Windhorst called the takeover an important strategic step.
"Nobiskrug opens up access to the attractive growth market of superyacht construction," he said. "The renowned shipyard stands for innovative and ecologically demanding individual shipbuilding like few others."
Windhorst said FSG remains at the core of his maritime investments, targeting new merchant and naval vessels.
In order to increase Nobiskrug’s efficiency, FSG chief executive Philipp Maracke will manage both shipyards.
Leaner operations
The company said the management will be significantly streamlined.
The yards will cooperate on construction, purchasing, assembly, finance and accounting, human resources and IT.
The outfit added that they will also set up "competitive structures" for all shipbuilding projects and markets.
Together, the workforce will number 645 employees.
In April, FSG said it was appointing Carsten Treuer as head of operations.
For the previous nine years, Treuer had worked for the ADMK/Nobiskrug shipyard group and the Lurssen-Kroger shipyard.
In November 2020, FSG confirmed its first order under the new ownership.
Windhorst's IVP Ship Invest firmed up a €140m ($168m) deal for a 4,007-lane-metre ro-ro and an option for a second.
Delivery of the first 210-metre, 32,770-gt ship is set for April 2022.
Construction was scheduled to start in December. Earlier in 2020, Windhorst had indicated he was planning a ro-ro order.
