Titanic builder Harland & Wolff to exit non-core businesses amid debt woes (updated)

Harland & Wolff group

16/09/2024 11:43

(Adds details on layoffs in paragraph 2, background on firm in
paragraphs 4-6)
       Sept 16 (Reuters) - Harland & Wolff  HARL.L  said on
Monday it will either wind down or dispose of its non-core
businesses and lay off some employees as the British shipbuilder
struggles to stay in business amid a debt crisis. 
    The company, known for building the Titanic, did not specify
the number of jobs it was planning to cut, but said it will
reduce headcount in the non-core and certain central support
areas. 
    The firm's non-care operations include the Marine Services
business, the Scilly Ferries business, and the U.S. and
Australian units.
    The Belfast-based shipyard, which has struggled to keep up
with competition and is overdue on its credit line, was rejected
a 200 million pound ($263.94 million) credit facility by the UK
government in July. 
    The firm sent its CEO on immediate leave in July. Its
finance chief also stepped down last week. 
    Trading of the company's shares has been suspended since
July, pending finalisation of its 2023 accounts on a going
concern basis.
    The shipbuilder will keep its core operations running at its
four shipyards and retain its interest in the Islandmagee Gas
Storage project. 


($1 = 0.7577 pounds)

 (Reporting by Prerna Bedi in Bengaluru; Editing by Shinjini
Ganguli)
 ((Prerna.Bedi@thomsonreuters.com; +91 98052 24616;))