COSCO Shipyard Group (CSG) has inked an equity transfer and joint venture termination agreement with Wartsila Singapore, part of Finnish engineering company Wartsila, to acquire Wartsila’s 40% interest in COSCO Shipyard Total Automation Co. (COSCO STA).
COSCO STA is a joint venture between the duo and CSG holds the remaining 60% interest in the company.
“With COSCO STA becoming its wholly-owned subsidiary after the proposed acquisition, CSG will be able to more fully draw on the specialised skill and resources of COSCO STA in ship automation,” the company said.
The consideration for the proposed acquisition is RMB 6.664 million (USD 960,000) and its completion will be done following the approval by CSG’s board of directors, according to CSG.
The activities of COSCO STA include automation system design, installation, commissioning and repair service of marine and offshore products, as well as marine and offshore electrical equipment design, manufacturing and sales.
Source: http://worldmaritimenews.com