STX Finland Restructuring and Transformation Journey

STX Finland's restructuring and transformation journey was a complex process that involved significant changes to the company's operations and strategy. The company's financial struggles led to a major overhaul, with the goal of restoring profitability and competitiveness.

In 2014, STX Finland's parent company, STX Corporation, filed for bankruptcy in South Korea, which had a ripple effect on the Finnish subsidiary. This led to a significant loss of revenue and a decline in the company's market share.

The company's transformation journey was marked by a shift towards more efficient and cost-effective operations. STX Finland implemented cost-cutting measures and invested in new technologies to improve productivity and reduce waste.

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STX Finland Oy was born out of a series of mergers and acquisitions that date back to the 1930s.

Wärtsilä operated the shipyards of Helsinki and Turku since the 1930s.

STX Finland's predecessors, including Masa-Yards and Kvaerner Masa-Yards, played a significant role in shaping the company's history.

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Masa-Yards was established by Martin Saarikangas with financing from shipping companies to finish ships under construction, eventually taking over Wärtsilä's former shipyards.

In the mid-90s, Kvaerner purchased Masa-Yards, and the company became Kvaerner Masa-Yards.

The shipbuilding businesses of Hollming Oy of Rauma and Rauma-Repola of Rauma were merged to form Finnyards in 1991.

Kvaerner purchased Finnyards and renamed it Aker Finnyards.

Aker Finnyards Oy was formed in January 2005 after Kvaerner Masa-Yards and Aker Finnyards merged.

The company's name was changed to Aker Yards Oy on 7 June 2006 and to STX Finland Cruise Oy on 23 November 2008.

Since September 2009, the company has been known as STX Finland Oy.

STX Finland and its predecessors have built many luxurious cruise ships, including the Song of Norway, the first modern purpose-built cruise ship.

The company is also credited with building the two Oasis-class vessels, Oasis of the Seas and Allure of the Seas, which held the record for largest cruise ships in the world until 2015.

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The Rauma shipyard has had its fair share of ups and downs. In 2013, the Finnish government and STX made a restructuring plan to close the yard, citing insufficient orders. This decision was met with an outcry from the community.

STX Europe was in a cash crisis and was forced to liquidate some of its property. The management was convinced about the need to cut down capacity. The Rauma yard was eventually closed and sold to the town of Rauma.

The shipbuilding facilities were saved for a new start, which led to the establishment of a new shipbuilding company called Rauma Marine Constructions. This new company was established on the western coast.

The offshore patrol vessel UVL10, built for the Finnish Border Guard, was launched at the Rauma shipyard in 2013. The vessel was named Turva at a festive naming and launching ceremony.

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STX Finland has a significant presence in the shipbuilding industry, with a strong focus on operations and production. The company operates two shipyards in Finland, one in Helsinki and the other in Rauma.

STX Finland's Helsinki shipyard is a major player in the production of cruise ships, with a total production capacity of 50,000 tons per year. This yard has produced some of the world's most luxurious cruise ships.

The company's Rauma shipyard specializes in the production of merchant vessels, including oil tankers and bulk carriers. This yard has a production capacity of 30,000 tons per year.

STX Finland has a strong commitment to quality and safety, with a focus on meeting the highest international standards. The company has implemented a number of quality management systems to ensure the highest level of quality in its products.

STX Finland's operations and production processes are highly efficient, with a focus on minimizing waste and reducing environmental impact. The company has implemented a number of initiatives to reduce its carbon footprint and promote sustainability.

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Meyer Werft joined forces with STX Finland, taking a 70% stake in the company and industrial leadership. This partnership was a result of weeks of negotiations between the Finnish Government and Meyer Werft.

STX Finland has also collaborated with Scandlines, signing a Letter of Intent to build two new ferries for the Rostock (Germany) – Gedser (Denmark) route. These ferries will be double-ended and environmentally friendly, using LNG instead of traditional heavy fuel.

The partnership with Meyer Werft has brought significant benefits to STX Finland, including a strengthened yard and a specialized supplier network.

Aker Arctic, a Helsinki-based naval engineering company, was sold to Finnish Industry Investment on December 17, 2013.

STX management was initially unwilling to discuss the sale, but eventually sold the company due to its weakening situation.

The company specialized in icebreakers and arctic offshore projects, making it a valuable asset in the region.

A diplomatic meeting was arranged to facilitate the sale, demonstrating the importance of partnerships and collaborations in business.

Meyer Werft joins forces with STX Finland, a significant partnership in the cruise ship industry. The two companies have a shared goal of strengthening their yards and improving their operations.

MEYER WERFT takes the industrial leadership of the new company with a 70% stake. This partnership is a result of weeks of negotiations between the Finnish Government and MEYER WERFT.

The new company has a large workforce, with around 1,300 employees involved in the construction of cruise ships.

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Scandlines and STX Finland Oy have signed a Letter of Intent for building two new ferries.

The ferries will be double ended, allowing them to be used on two different routes.

Each ferry will have a capacity of 1,300 passengers and 72 trucks or 382 cars.

The ferries will be operating on environmentally friendly LNG instead of traditional heavy fuel.

This will significantly reduce emissions to the air, including nitrogen emissions, CO2, and particulates.

Sulphur emissions will be practically zero.

The project will bring some 1000 man-years of work for STX Finland and its subcontracting network.

The ferries will be delivered in spring 2015.

The restructuring of STX Finland had a significant impact on the company's operations and employees. Hundreds of jobs were lost as part of this process.

The Rauma Shipyard was affected by the restructuring, with operations being ramped down and functions shifted to the Turku Shipyard. This was due to the global economic recession and increased surplus capacity in the industry.

STX Finland was in a cash crisis and was forced to liquidate some of its property. In September 2013, the company announced the closure of the Rauma yard and the sale of the area to the town of Rauma.

The closure of the Rauma yard led to an outcry, but it fit perfectly with the plans of the government, who wanted to save the shipbuilding facilities for a new start.

The Cruise & Ferries division of STX Finland constructs vessels mainly at shipyards in Finland and France. These shipyards are capable of producing high-quality vessels that meet the demands of the maritime industry.

The Finnish maritime industry is renowned for its innovation, superior technology, and competitiveness. This has propelled Finland into prominence in the global market.

STX Turku Shipyard in Finland is currently building two 97,000gt cruise ships for TUI Cruises. The shipyard has also delivered the world’s first LNG-fuelled big size passenger-car ferry, the Viking Grace, for Baltic ferry operator Viking Line.

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Finnish shipping has set technological and quality demands due to extreme winter conditions. This has contributed to the emergence of a competitive maritime industry in Finland.

The Finnish Maritime and Offshore Cluster is one of the central industries in the Finnish technology industries. It includes marine industries, shipping, and port operations in both private and public sectors.

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