The official takeover of ownership of Syros island’s Neorion shipyard by ONEX Syros Shipyards was marked by an official inauguration event held there on Wednesday, in the presence of Greek state officials, regional clergy, shipping industry magnates, shipyard workers, Onex Shipyards LLC Founder and CEO Panos Xenokostas and US Ambassador to Greece Geoffrey Pyatt.

Greek-American businessman Xenokostas said he was happy to complete “a difficult transfer of ownership which took time and laborious procedures.”

At the event, Development and Investments Minister Adonis Georgiadis said the shipyard was in complete decline about 20 months ago and he mentioned that hundreds of workers were in despair and no one expected its transformation. He pointed out that Greek shipowners “now trust Neorio,” as 6 ships are in line to be repaired there.

Georgiadis noted that the process of ONEX’s acquisition began under the previous government and that all of Neorion’s repair docks are occupied at this time. He thanked the shipyards workers and said that he looked forward to a similar event in Elefsina shipyards.

In his speech, Geoffrey Pyatt said that when he visited Syros 2.5 years ago, “this place was literally rusting away. Workers and suppliers had not been paid, and more than 75,000 tons of sandblast waste had accumulated at the port. Today, this strategic investment is in the hands of an American company, and the shipyard has entered a whole new era.”

Read more: the national herald