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    Agreement reached to restructure Maltese yard

    News // November 7, 2003
    Fairplay (www.fairplay.co.uk) reports that a deal has been reached that will see a comprehensive restructure of Malta's shipbuilding and repair industry. The deal was finally signed at a ceremony in the prime minister's official residence in early November.

    Malta Drydocks Corp and Malta Shipbuilding Co are to be dissolved and their assets and liabilities transferred to the government.

    A new company, Malta Shipyards Ltd is to be set up with 1,700 workers, taken from the existing 2,600, under new conditions. The remaining 900 will be offered early retirement.

    A new shift system is to be introduced and workers are to be encouraged to acquire new skills and training.

    Fairplay said Deputy Premier Lawrence Gonzi, who headed the ShipyardsTask Force, said it was an "exceptional agreement" drawn up to address theroot of the problems and challenges facing the shipyards.

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