The long-drawn-out talks between the two sides have finally culminated in a deal that will see the city purchase the waterfront property for around 18 million euros.
STX Finland will remain a tenant on part of the property until the end of June to complete two ongoing shipbuilding orders.
The purchase agreement was signed Wednesday morning, with the Rauma city board giving its blessing to the deal shortly afterwards. The matter is still to be discussed by the local city council.
Business park in the works
Last September STX Finland announced plans to shutter the dockyard, leaving 600 workers jobless. The city of Rauma intends to establish a business park on the dockyard property, creating hundreds of new jobs in the process.
The park is expected to host companies operating in the marine sector. Ship engines manufacturer Rolls Royce has indicated it intends to expand its Rauma operations to the dockyard site. Rolls Royce alone could create as many as 100 new jobs by the end of the decade.
Rauma and STX have agreed that STX will continue to recruit subcontractors from the planned industrial park for its shipbuilding operations at the Turku shipyard. That cooperation agreement will last for two years.
Negotiations to transfer ownership of the Rauma dockyard began in September 2013. The talks threatened to run aground over differences related to environmental concerns and competition provisions. The final agreement was only settled earlier this week.