(Refiles to add name 'Meyer' to headline)
HELSINKI Aug 4 Germany's Meyer Werft shipyard
and the Finnish government announced their purchase of the Turku
shipyard in southwestern Finland on Monday, helping it to win a
billion euro ($1.3 billion) order for two cruise ships.
The shipyard's current owner STX Finland, part of Korean
trade and ship corporation STX, said separately that
the Turku yard had won two cruise ship orders from TUI Cruises
as a result of its new ownership.
The shipyard has suffered from a lack of orders in recent
years, and in 2012 Finland's government faced heavy criticism
when it failed to provide a loan that would have helped the
shipyard win a major contract.
On Monday Finland said the new vessel orders would bring
major employment and a welcome boost for an economy struggling
with weak exports and slow domestic consumption.
"The investors are committed to injecting a substantial
amount of new equity to the new company, which will constitute a
solid basis for further developing of the shipyard," the
government said in a statement.
The deal price was not disclosed. Meyer will have 70 percent
of the yard and Finnish state the remaining 30 percent.
($1 = 0.7452 Euros)
(Reporting By Jussi Rosendahl; Editing by Sophie Walker)