Subsidy Tracker Individual Entry

Company: 
Kvaerner
Parent Company: 
Aker
Subsidy Source: 
state
Location: 
Pennsylvania
City: 
Philadelphia
Project Description: 

shipyard reconstruction

Year: 
1997
Major Industry of Parent: 
diversified
Specific Industry of Parent: 
diversified
Subsidy Value: 
$350,000,000
Program Name: 
multiple
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
1,000
Source of Data: 

The subsidy amount and the jobs projection came from: Nathan Gorenstein. "Shipyard Payback Pegged at 20 Years," Philadelphia Inquirer, November 27, 1997. An additional $80 million in federal aid, which is not included in the subsidy total, was reported by: Josh Goldstein, "Philadelphia Naval Shipyard to reopen with million in government money providing thousands of jobs," Philadelphia Inquirer, December 5, 1997.

Notes: 

The state provided $182 million for reconstruction costs, with the remainder of the package earmarked mainly for job training. There was also a $30 million low-interest loan. Kvaerner, a Norwegian engineering company, was taken over in 2001 by Norwegian industrialist Kjell Inge Roekke, who renamed the facility Aker Philadelphia Shipyard. In 2011 the facility received another $42 million in state assistance (Linda Loyd, "Pa. OKs $42 million for Aker Shipyard," Philadelphia Inquirer, February 18, 2011). Overlaps with main Subsidy Tracker data: none.

Source Notes: 
If an online information source is not working, check the Tracker inventory page for an updated link.