Shipbuilding Consolidation Steams Ahead With New Acquisition
One of China’s two shipbuilding titans will swallow a money-losing ship repair and conversion business as part of the government’s plans to scrape barnacles from the hull of the oversized and inefficient industry and get it shipshape.
China State Shipbuilding Corp. (CSSC) will use its Guangzhou Shipyard International Co. Ltd. (GSI) unit to acquire Guangzhou Wenchong Shipyard Co. Ltd. for 499 million yuan ($72 million), a filing (link in Chinese) with the Shanghai Stock Exchange announced on Friday.
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