CK Hutchison has reached an agreement with Swire Pacific to acquire 50% of its interest in Hongkong United Dockyards (HUD). Financial details surrounding the deal have not been disclosed.
Following the acquisition, Hong Kong’s provider of ship repair, harbour towage and salvage services will become wholly-owned by members of the CK Hutchison.
The agreement also includes the acquisition by CK Hutchison of 50% shares in Hongkong Salvage & Towage Company (HKST) from Swire Pacific. HKST was established in the 1930s, from which the salvage and towage business currently integrated under HUD originated.
HUD was a joint venture between CK Hutchison and Swire Pacific. The company was established in 1972 by the merger of Hongkong & Whampoa Dock Company and Taikoo Dockyard & Engineering Company.