HELSINKI (AP) — Ship builder STX Finland says it will shut down the yard where some of the world's largest cruise liners were built as the weak global economy continues to hit the European industry.
Citing low profits and a lack of orders, the company says it will close the Rauma yard during 2014 with some 700 job cuts. Some operations will be moved to its nearby Turku shipyard.
STX Finland deputy chief Jari Anttila said Monday the closure is necessary to make the company profitable.
In 2011, Royal Caribbean Cruise Lines took delivery from STX Finland of what were then two of the world's largest cruise liners, each costing $1.5 billion. The ships span 1,200 feet (365 meters) and can accommodate 8,500 people.
STX Finland is part of the STX Europe Group.