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Royal IHC closes largest yard and lays off an additional 250 workers

Posted on October 2, 2022

By Peter Bowe, Publisher 

According to multiple individual and news sources, declining market conditions have forced Royal IHC to close Krimpen, its largest yard. Remaining work will be shifted to its long time yard at Kinderdijk, also famous for its scenic row of windmills.

CEO Jan-Pieter Klaver attributed the closure to poor economic conditions and competition from Asia such that projected annual turnover will fall short of the budgeted €700 million to something closer to €450 million.

The loss of 250 jobs follows a layoff of over 1000 jobs last year in IHC’s major restructuring. Of the 250 jobs, reportedly 49 are outside of the Netherlands.

Market rumors suggest that Boskalis is discussing buying two new dredgers from Royal IHC which is significant because Boskalis is also being delisted from the Amsterdam stock exchange after being taken over by HAL, the holding company for the Van der Vorm family. There is speculation that the Van der Vorms may organize a restructuring/takeover of Royal IHC in the process.

Market intelligence further suggests that IHC is negotiating the sale of certain assets such as its IQIP subsidiary (foundation equipment and services) to improve liquidity.

This reminds one of the 1988 IHC restructuring which was conditional on IHC receiving a large order for two new hopper dredges from the Dredging Corporation of India, which they did.

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