South Korean shipbuilders are seeking overseas production bases through mergers and acquisitions to meet soaring demand across the world as they have secured works for the next five years.
Hanwha Ocean Co., the country’s No.3 shipbuilder, decided to establish a holding company in the US to acquire shipyards in North America on Nov. 16.
The company, formerly Daewoo Shipbuilding and Marine Engineering Co., set aside 420 billion won ($321.6 million) for manufacturing bases and stakes in other firms for its defense products when it raised 1.5 trillion won through a rights offering earlier this month. The move aimed at securing docks at home to build vessels with high profitability while producing defense products in other countries.
HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE), an intermediate holding firm of South Korea’s top shipyard HD Hyundai Co., started considering takeovers of overseas shipbuilders, according to industry sources in Seoul on Sunday.
“We kept the door open for acquisitions of foreign shipbuilders and other measures as we need to compete against Chinese rivals in the long run,” said an HD KSOE executive at an earnings conference call for the third quarter.
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