Caixin
Oct 22, 2018 07:18 PM
BUSINESS & TECH

Shipbuilding Consolidation Steams Ahead With New Acquisition

Ships are built at the Guangzhou Shipyard International facility in Liwan district, Guangzhou in July 2017. Photo: VCG
Ships are built at the Guangzhou Shipyard International facility in Liwan district, Guangzhou in July 2017. Photo: VCG

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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