The shipyard Howaldtswerke-Deutsche Werft AG in Kiel and Ferrostaal AG Essen have formed a consortium and purchased the Greek yard Hellenic Shipyards Co. in Skaramanga near Athens from its employee co-operative and the state-owned Greek ETVA-Bank. The price amounts to 6 million Euro. The consortium will increase the share capital by 33 million Euro and has hold out the prospect of investments amounting to 15 million Euro within the next 5 years. The purchase is subject to approval by the EU and the supervisory board bodies of both companies. The yard's passing of property to the consortium can be expected in 2 to 3 months' time.

In February 2000, Howaldtswerke-Deutsche Werft AG, Ferrostaal AG and Hellenic Shipyards signed the contract for the construction of 3 submarines class 214 with fuel cell for air-independent propulsion. The contract value exceeds 2 thousand million DEM. The first of the 3 submarines will be constructed in Kiel, both vessels following shall be constructed at Hellenic Shipyards. The delivery of the first submarine is scheduled for the year 2005. In addition, the order comprises the option for the construction of another submarine class 214 in Greece. Simultaneously, the development of Hellenic Shipyards to become a submarine yard is planned.