Yangzijiang Shipbuilding offloads two subsidiaries

Yangzijiang Shipbuilding offloads two subsidiaries

Chinese shipbuilder Yangzijiang Shipbuilding has disposed of its shareholdings in two subsidiaries as part of its efforts to shed non-core businesses.

The shipyard has sold its entire 50% equity interest in Jiangsu Huayuan Metal Processing, which is mainly involved in ship demolishing for RMB93.5m ($13.9m). In addition, it has disposed of 100% equity interst in Zongzhou Vessel Component Manufacturing for RMB1m.

In March, Yangzijiang said it plans to slash another 2,000 staff from its workforce this year to fight the protracted ship ordering downturn. The shipyard has already slashed its workforce by 20% in the past two years.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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