Royal IHC press release
The newly established Foundation Continuiteit IHC,has taken over all shares of IHC Merwede Holding BV. The recapitalisation has now also been completed. Asa result of this injection of capital, Royal IHC has a healthy liquidity, strong balance sheet and future prospects once again.
By the establishment of the Foundation Continuiteit IHC, HAL Investments, Ackermans & van Haaren, MerweOord and Huisman have joined forces to retain Royal IHC’s knowledge and expertise for the Dutch maritime cluster. The Dutch State is also represented in the foundation. The recapitalisation was concluded with the support of Royal IHC’s existing syndicate of banks, the ministries of Economic Affairs & Climate and Finance, and the credit insurer Atradius Dutch State Business.
New Supervisory Board members
The Supervisory Board of Royal IHC was also amended with the conclusion of this transaction. Two new members have been appointed for the coming period. Menno Snel, the former Secretary of State for Finance, will take a seat on behalf of the state; and as per 1 July 2020 Frank Verhoeven, a former member of the Board of Directors of Boskalis, becomes a member on behalf of the Foundation. In addition to the aforementioned commissioners Boudewijn Wentink, Kees Korevaar and chairman Jaap Huijskes will continue to serve as members of the Supervisory Board.
Gerben Eggink will lead Royal IHC as interim CEO in the coming period, with the aim to make IHC a profitable organisation again.
“It is positive that we were able to finalise this agreement in a short time. It is now important to work hard on the profitability of this amazing company, while maintaining the high level of quality and our customers’ immense satisfaction for the solutions that Royal IHC delivers. With the Foundation as the new owner and the changes to the Supervisory Board, we have a strong governance structure, anunchanged strong competitive position and therefore an excellent starting position for the future.”
Gerben Eggink
–Ends–
Naval News comment:
Royal IHC and French shipbuilder Naval Group signed a partnership agreement in February 2019 for the Netherlands’s Walrus-class submarine replacement project. Gerben Eggink, the new CEO of Royal IHC, told Dutch naval media Marine Schepen that his company remains “highly committed to the Dutch MoD’s submarine replacement program”, alongside Naval Group. The Statement comes in the wake of a governmental rescue plan for Royal IHC, conditioned on a “refocusing” of the shipyard on its core business. This development had fueled doubts about whether Royal IHC would remain in the submarine competition.
Naval Group/Royal IHC were shortlisted in December last year, alongside Saab/Damen and TKMS.
Naval News visited the Royal IHC yard near Rotterdam in November 2019. Here is our video report:
