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CSR unit inks subsea contract
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A subsidiary of China’s leading trainmaker CSR said yesterday that it had signed a deal to buy the entire share capital of British SMD, one of the world’s leading subsea equipment manufacturers.
The deal, worth about 130 million pounds (US$198 million), was signed last Thursday in Britain between Zhuzhou CSR Times Electric Co and Specialist Machine Developments (SMD) Ltd. It is still awaiting the approval of the regulator.
This will pave the way for Zhuzhou CSR Times Electric into the high-end subsea equipment sector and will support business in areas such as maritime wind power and engineering, said an official from Zhuzhou CSR Times Electric.
From 2013 to 2017, operational expenditure of subsea remotely operated vehicles will be about US$9.7 billion, according to a forecast.
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