Lürssen, a German shipyard, and German Naval Yards, a company specialised in design and construction of highly-integrated naval vessels, agreed fo form a joint venture. Financial terms were not disclosed. “The consolidation in Germany is long overdue. Germany has first-class naval yards and excellent technologies. However, our customers require partners with sufficient scale and capabilities to fulfil large-scale orders of strategic importance. Our customers can be better served if domestic players join forces. We have made an important step into the right direction today," Iskandar Safa, German Naval Yards CEO.