South Korea’s STX Offshore & Shipbuilding has new owners. Private equity fund KH Investment and local debt clearing house United Asset Management Co have joined forces to take the yard private after eight years of being held by state-backed creditors.
As recently as eight years ago, STX was the world’s fourth largest shipbuilding group but financial scandals and a severe drop in orders plunged the yard into chaos in 2013 with many affiliates since sold off.
Formerly known as Ssangyong Heavy Industries, the yard was taken over and rebranded as STX in the year 2000.
