Palumbo com­mits to back ed­u­ca­tional in­cen­tives in Three Cities af­ter meet­ing may­ors

Malta Independent - - BUSINESS & FINANCE -

Palumbo Ship­yards is com­mit­ted to back fu­ture ed­u­ca­tional ini­tia­tives in Cospicua, Sen­glea and Vit­to­riosa fol­low­ing a meet­ing it had with the three may­ors, the com­pany said in a state­ment.

The so­cial, ed­u­ca­tional and in­dus­trial as­pects of the Three Cities were among the top­ics dis­cussed be­tween the may­ors and com­pany CEO An­to­nio Palumbo dur­ing a tour of the ship­yard.

“The com­pany’s goal is not solely fi­nan­cial gain. We are com­mit­ted to in­vest in the sur­round­ing cities as we be­lieve we have a so­cial re­spon­si­bil­ity to sup­port schools, parishes and sports clubs, among oth­ers,” Mr Palumbo said in a state­ment re­leased jointly with the three coun­cils.

The may­ors — John Box­all (Vit­to­riosa), Ali­son Civ­elli Zer­afa (Cospicua) and Giuseppe Casha (Sen­glea) — were guided through the ship­yard and shown the in­vest­ment the com­pany had made, par­tic­u­larly in en­sur­ing the health and safety of its em­ploy­ees.

Mr Palumbo had taken over the ship­yards in 2010 at a time when Mal­tese tax­pay­ers were still spend­ing €1 mil­lion a week on in­ter­est pay­ments as a re­sult of the Malta Dry­docks' losses.

He was given a 30-year lease to in­vest €31 mil­lion in the ship re­pair fa­cil­i­ties and within six years, the Ital­ian com­pany was gen­er­at­ing some €2 mil­lion in an­nual prof­its and in­jected some €300 mil­lion in turnover di­rectly into the Mal­tese econ­omy since 2010.

The may­ors said they ap­pre­ci­ated the in­vest­ment Mr Palumbo had pumped into the ship­yard, but they pointed out that they were elected by the peo­ple to rep­re­sent their needs and there would be mat­ters where the coun­cils and the ship­yard would not see eye to eye on.

How­ever, Ms Civ­elli Zer­afa stressed that the ship­yard’s man­age­ment had al­ways been ac­ces­si­ble to dis­cuss when­ever is­sues cropped up and it had proven to be flex­i­ble in find­ing an am­i­ca­ble so­lu­tion.

The may­ors and Mr Palumbo agreed to con­tinue fos­ter­ing this spirit of com­mu­ni­ca­tion for the ben­e­fit of res­i­dents and to en­sure the yard could con­tinue run­ning its op­er­a­tions smoothly.

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