The Damen Mangalia shipyard, one of the largest in Europe, was sold on Friday, October 9, to the German group Rheinmetall, one of the most important European manufacturers of weapons and military equipment. The transaction, valued at 138 million euros, excluding VAT, opens the prospect of resuming the shipyard’s activities, which went bankrupt earlier this year.
The winner of the auction is Rheinmetall Real Estate Romania SRL, according to Ziarul Financiar. The sale was conducted through CITR, the judicial liquidator of the company.
Radu Miruță, the Minister of Defense and former Minister of Economy, stated that the shipyard was "officially saved" and revealed that before taking over the leadership of the Ministry of Economy, an offer of only 10 million euros had been proposed.
"Following negotiations carried out by the ministers before me, an offer of 10 million euros was made for the sale of the shipyard. From this amount, the majority was supposed to be covered by exemptions from future taxes. I refused," Miruță wrote on Facebook.
He claims that he was criticized for rejecting the offer, but he preferred to seek a solution that would better capitalize on the shipyard. "It seemed impossible to bring to light a shipyard with a liquidation value of 85 million euros and a disputed debt of 190 million euros. But I chose to believe in the value of this strategically important shipyard for Romania. I made a plan to bring in orders and make it more attractive to investors," Miruță explained.
The final price of 138 million euros represents 75% of the initially established market value of 184 million euros. In previous auctions, the shipyard was put up for sale at this value, but the price was later reduced by approximately 46 million euros.
Four military ships for Romania by 2030
The acquisition of the shipyard comes as the Rheinmetall group expands its activities in the defense industry in Romania. According to Ziarul Financiar, the German company has won a contract worth approximately 920 million euros for the construction of four military ships intended for the Romanian Army. The ships are to be built in Mangalia, as part of projects financed through the European SAFE program.
Miruță states that including the shipyard in this program was essential for attracting the investor. "We introduced it into SAFE, and today the award procedure has been completed. Not for 10 million euros, as the investor initially offered, and not for 85 million, the liquidation value, but for 138 million euros," he conveyed.
The minister claims that the four ships will be built by 2030 and the shipyard will benefit from investments to modernize production capacities.
According to ZF's calculations, the value of contracts and agreements concluded so far with companies in the Rheinmetall group amounts to approximately 5.6 billion euros.
What happens to the employees
The sale comes after months of uncertainty for the shipyard's employees. All over 1,000 employees were laid off, with payment of compensatory salaries. Although Miruță promises that the resumption of activities will bring even more jobs, a concrete hiring schedule or the number of positions to be created has not been announced yet.
The minister recalls that in September 2025, when employees were protesting in front of the Ministry of Economy, he promised to try to save the shipyard. "I told them, with an open heart, to trust that we will save the shipyard. That I do not lie to them, as those who, representing the Romanian state, made a mockery of this shipyard," Miruță wrote.
An industrial giant that went bankrupt
The Damen Mangalia shipyard went bankrupt on April 28, 2026, after a long period of financial difficulties. On May 26, the sale of the company's assets was decided.
In its peak years, the shipyard was one of the most important centers of the Romanian naval industry, with capacities for building and repairing large vessels.
In 2017, the company reported revenues of 988 million lei, a net profit of 158 million lei, and nearly 2,000 employees. At other times, the number of employees exceeded 2,500, and the turnover exceeded two billion lei. However, financial difficulties led to the cessation of activities and ultimately, bankruptcy.