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

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.