The Sietas Group, based in the Hamburg district of Neuenfelde, comprises the J.J. Sietas shipyard and three subsidiaries: Neuenfelder Maschinenfabrik, Norderwerft and Neuenfelder Wohnungsgesellschaft. Founded in 1635, Sietas is the oldest shipyard in Germany, and to this day it remains family-owned. The Group is synonymous with high quality and appealing ship designs. Fiscal year 2009 saw the start of a realignment in favour of innovative, industrial special-purpose shipbuilding. In 2007, the Sietas Group generated turnover of €450 million.