The southwestern city of Rauma in Finland has finally completed a deal to purchase the Rauma shipyard, which is currently owned by the struggling Korean shipbuilding company STX. The dockyard will be redeveloped to host a local business park. The city of Rauma and STX Finland have reached agreement to sell STX’s Rauma dockyard for 18 million euros. STX Finland will remain a tenant on part of the property until the end of June to complete two ongoing shipbuilding orders.

The proposed business park is expected to host companies operating in the marine sector. Marine engine manufacturer Rolls Royce has indicated it intends to expand its Rauma operations to the dockyard site. Rolls Royce alone could create as many as 100 new jobs by the end of the decade.

Rauma and STX have agreed that STX will continue to recruit subcontractors from the planned industrial park for its shipbuilding operations at the Turku shipyard for the next two years.