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Dutch group Damen acquires Daewoo’s shares in Mangalia shipyard

Damen Group, that since 1999 also holds the shipyard in Galaţi, will take over the majority share of South Korean Daewoo Mangalia Heavy Industries.

Dutch group Damen acquires Daewoo’s shares in Mangalia shipyard

12 Noiembrie 2017, 20:11

Damen Shipyards Group - one of the most important shipbuilders in The Netherlands - will take over the majority share of South Korean Daewoo Mangalia Heavy Industries (DMHI), the largest player on the Romanian shipbuilding market, which owns the shipyard in Mangalia, the Dutch company announced.

Damen Group – which since 1999 also holds the shipyard in Galaţi, Romania, on the banks of the River Danube - is currently holding talks with representatives of the Romanian Government for the future cooperation in Mangalia and for the development of the Romanian naval industry.

Damen Shipyards Group has signed a purchase agreement with Daewoo Shipbuilding & Marine Engineering (DSME) to acquire its majority share in Daewoo Mangalia Heavy Industries (DMHI), Damen Group announced in a press release.

Daewoo Shipyard in Mangalia was established in 1997 as a joint venture between Daewoo and 2 Mai Mangalia Shipyard, with Daewoo as majority shareholder.

"With the acquisition of the majority stake in the Mangalia shipyard, Damen is taking the next step in strengthening its international shipbuilding and naval repair activities. (...) this move represents a strategic complement to the current portfolio of Damen Shipyard", the Dutch company states.

Romanian competition authorities have already approved the envisaged transaction, and are currently organizing constructive meetings with the Romanian Government in relation to future cooperation in Mangalia and the further development of the Romanian shipbuilding industry.

Damen Shipyards Group operates 33 shipbuilding and repair yards, with 9,000 employees around the world. Damen has delivered more than 6,000 ships to over 100 countries and annually supplies around 180 ships to customers around the world. In addition, Damen Shiprepair & Conversion (DSC) has a worldwide network of sixteen repair and conversion sites, twelve of which are located in northwestern Europe. Damen offers a wide range of products including tugs, workboats, naval and patrol vessels, high-speed vessels, cargo ships, dredges, offshore industry vessels, ferries, pontoons and superyachts. At the same time, for all types of ships, Damen offers a wide range of services, including maintenance, spare parts delivery, training and know-how transfer (shipbuilding).

Source:RRA.Translated by Miruna Matei

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