China shipbuilder China Ocean Industry has announced that it has entered an agreement to acquire Nantong Huakai Heavy Industry for around RMB270m ($39.3m).
Huakai Heavy Industry is principally engaged in manufacture of steel structures and fittings for ships, marine equipment, mining equipment and ro-ro equipment.
China Ocean Industry said the acquisition will bring in an excellent shipbuilding management and operations team with extensive experience to the group which will improve the product quality and productivity of the company’s existing shipbuilding business.
China Ocean Industry currently operates subsidiary yard Jiangzhou Union Shipbuilding.
