Chinese shipbuilding conglomerate China Shipbuilding Industry Corporation (CSIC) has made an investment of RMB3.828bn ($215m) to establish CSIC Marine Diesel Engine in Qingdao, as the headquarters for its marine propulsion assets.
The headquarter will combine functions of research and development, manufacturing, sales and after sales services for CSIC’s propulsion business.
CSIC has been integrating its marine propulsion assets since last year, integrating the assets of Yichang Marine Diesel Engine, Dalian Marine Diesel Engine and Qingdao Haixi Marine Diesel. CSIC also plans to integrate its medium speed and high speed marine engine manufacturer Shaanxi Diesel Engine Heavy Industry and Henan Diesel Engine Industry into the new platform.
CSIC aims to lower procurement and manufacturing costs and enhance the overall competitiveness of its propulsion assets through the internal restructuring.