The Korean industrial group STX has purchased a 39% stake in Norway’s Aker Yards in late October 2007. The large Korean shipbuilding conglomerate seems to be going after the “specialized” shipbuilding European yards.
Aker Yards operates 18 ship yards across Europe and Brazil, and has a workforce of about 20,000 people. They are responsible for building the worlds largest passenger ship, the Freedom Class of ships, for Royal Caribbean. Aker also specializes in sophisticate offshore vessels and ferries.
STX is a well known South Korean shipbuilder producing countless cargo ships of all kinds, quickly and for a lower cost. The purchase into Aker Yards was made by STX subsidiary Rambera, and the unit will be renamed STX Norway.
Here’s STX self description from their website…
“STX Shipbuilding Co., Ltd. has built about 500 ships over the last 40 years in Busan and Jinhae. Based on its great stock of experience and outstanding technical manpower, it has been the driving force behind the nation’s transformation into a major maritime power and a leader in the shipbuilding industry. Consequently, STX has become Korea’s representative shipbuilder.
STX Shipbuilding. is possessed of specialized facilities and layout for building ships in the 30,000~80,000ton class, and in particular, Shipbuilding has global competitiveness in designing and building product carriers, container ships and LPG Carriers. In addition, through vertical integration with STX Corporation, World Best manufacturer of diesel engines and marine equipment, it has further solidified its business structure.
STX Shipbuilding is planning to expand its business to include highly lucrative types of ships such as pure car carriers and Ferries, and is preparing to launch new services like Special Ships, offshore & plants and REITs to strengthen its business structure. In 2003, STX Shipbuilding has listed on the Korea Stock Exchange and go public. Through transparent management, it will try its best to keep its shareholders, customers, and employees satisfied.”
Read Aker’s brief comment on the topic.