Founded in Wismar in 1946 as a military ship repair yard. Took over the old Hanseatic Shipyard in Wismar in 1951 and renamed VEB Mathias-Thesen-Werft. Transformed into Mathias-Thesen-Werft in preparation for the reunification of Germany in 1990 and subsequently renamed MTW Schiffswerft in 1992. Taken over by the Aker Group in 1998 and renamed Aker MTW Werft, operating with Aker Warnow Werft at Warnemunde as Aker Yards Ostsee. Both yards purchased in 2008 by a private equity group to form Wadan Yards which subsequently filed for bankruptcy. The group was sold by creditors in 2009 and reopened as Nordic Yards.