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February 3, 2010

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CIMC buys to diversify income

CHINA International Marine Containers Group said it is buying a controlling stake in a United States marine engineering company as it seeks to diversify its income from the container making business.

CIMC will pay US$75 million to buy 75 percent of Friede & Goldman United from Russia's MNP Group, the company said in a statement to the Shenzhen Stock Exchange yesterday.

The purchase has been approved by CIMC's board of directors.

The US firm is the leading offshore drilling platform designer and manufacturer and has completed more than 100 offshore projects globally. Its profit in the first half of 2009 was US$15.2 million.

The purchase will help CIMC to venture into manufacturing and design of marine and offshore facilities as well as expand into new markets with the help of F&G's brand name, according to the company.

"The purchase will enable CIMC to become one of the most competitive players in the marine engineering industry in the world," Ping'an Securities' Ye Guoji wrote. "CIMC is very likely to rank among the top four players in marine engineering in the world in three to five years."


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