China to Consolidate Nautical Diesel Engine Assets in $3.3 Billion Deal

China’s state-owned shipbuilding giant plans a $3.3 billion consolidation of diesel engine operations in a move to reduce internal competition and improve bargaining leverage for nautical power systems.

China State Shipbuilding Corp. (CSSC) subsidiary China Shipbuilding Industry Group Power Co. Ltd. will acquire diesel engine assets from other CSSC units for 22.63 billion yuan ($3.3 billion), the companies said Tuesday.