S Korean firm buys stake in Norwegian shipyard
Wednesday, 24 October 2007
SEOUL, Oct 23 (AFP): A South Korean shipbuilder said today it has bought a major stake in a Norwegian shipyard for 800 million dollars in an attempt to move into the European market.
STX Shipbuilding, the world's seventh-largest shipyard, said in a regulatory filing that it has purchased a 39.2 percent stake in Aker Yards ASA.
The Korean firm said the purchase will help it branch out into building cruise liners since Aker builds cruise, ferry and offshore facilities.
Aker, with annual sales of roughly 4.8 billion dollars, has 18 yards in eight countries including France and Germany, according to STX Shipbuilding..
STX Shipbuilding, the world's seventh-largest shipyard, said in a regulatory filing that it has purchased a 39.2 percent stake in Aker Yards ASA.
The Korean firm said the purchase will help it branch out into building cruise liners since Aker builds cruise, ferry and offshore facilities.
Aker, with annual sales of roughly 4.8 billion dollars, has 18 yards in eight countries including France and Germany, according to STX Shipbuilding..