Harland & WolffThe collapsed historic shipbuilder that built the Titanic is set to be rescued in a deal expected to save more than 1,000 jobs.
Belfast-based shipbuilder Harland & Wolff formally moved into administration in September.
The board of Navantia, a Spanish state-owned rival, is expected to sign off on a £70m government-backed rescue deal on Thursday morning following several months of negotiations, STV News understands.
UK Government ministers are expected to announce the acquisition soon after.
As part of the deal, the company will take over Harland & Wolff’s four sites in the UK, located in Methil in Fife, Arnish on the Isle of Lewis, Belfast, and Appledore in Devon.
Harland & WolffThe GMB union said the promise of all jobs being retained and new jobs being created was “very welcome”.
Matt Roberts, the union’s national officer, said: “This is good news for UK sovereign capability and capacity in renewables and shipbuilding, but challenges remain.
“GMB campaigned long and hard for all four Harland & Wolff yards to be included in any sale – so the fact they have all been saved, with the promise of all jobs retained and new jobs created is very welcome.
“However without proper investment into local skills and facilities at all four yards, and the onshoring of orders, the doom loop will be in danger of coming back.
“GMB will hold both Navantia and the Government’s feet to the fire to ensure promises are kept.”
It comes after the Belfast shipbuilder announced the business faced administration in September.
Harland & Wolff said between 50 and 60 immediate redundancies were expected but said staff employed at its four shipyards would not to be affected.
It was the second time the business has been placed in administration in five years.
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