Damen Takes Over Majority of Daewoo Mangalia Shares
- Business & Finance
Damen Shipyards Group has entered into a share purchase agreement with Daewoo Shipbuilding & Marine Engineering (DSME) for the acquisition of its majority share in Daewoo Mangalia Heavy Industries (DMHI).
With the acquisition of the majority share in the shipyard in Mangalia, Damen announced that the company is taking the next step in strengthening its international shipbuilding and ship repair activities.
The Mangalia shipyard, located on the Black Sea coast, is spread over an area of 980,000m², has three drydocks with a total length of 982 meters and 1.6 kilometers of berthing space.
Damen already owns a shipyard in Romania, in Galati on the banks of the River Danube, currently the group’s largest shipyard. Since joining Damen in 1999, this yard has developed into a highly efficient production yard with a significant output of many hundreds of vessels and structures.
The company also announced that the Romanian competition authorities have already approved the envisaged transaction. Furthermore, constructive meetings are being held with the Romanian Government in relation to future cooperation in Mangalia and the further development of the Romanian shipbuilding industry.