German shipbuilder Meyer Werft and the state of Finland on Monday announced they were jointly purchasing the Turku shipyard in southwestern Finland from its South Korean owner STX.

The announcement was made by the CEO of Meyer Werft Jan Meyer and Finnish Economy Minister Jan Vapaavuori. The price of the takeover was not divulged.

In the deal, Meyer will get 70 percent of the stock. The state of Finland will gradually disengage from its ownership, leaving Meyer as the sole owner, Vapaavuori said. It was further indicated the process would take “a couple of years.”

In a separate development, Turku received orders for two luxury cruisers from Germany-based Tui Cruises worth 1 billion euros (1.34 billion U.S. dollars). Endit

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