GSI buys part of CSSC

Guangzhou Shipyard International (GSI) has agreed to buy Guangzhou Wenchong Shipbuilding from its parent and the mainland’s biggest shipbuilder China State Shipbuilding Corp (CSSC) for 3.04 billion yuan as part of a reorganization of the industry in China.

“The acquisition will enable us to enjoy a bigger market share and greater bargaining power,” president Han Guangde said yesterday. “The deal will also create synergies by allowing the company to optimize deployment of human resources and utilization of production facilities, as the production bases of Wenchong and the companies are in close proximity.”