Ownership of Turku, Rauma, and Helsinki shipyards falls into new hands

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South Korean STX Shipbuilding Co. has purchased a nearly 40 per cent stake in the Norwegian shipbuilding group Aker Yards.
      In Finland Aker Yards owns the Turku, Rauma, and Helsinki shipyards.
      The Aker Yards Finland President and CEO Yrjö Julin was reticent about the transaction when interviewed on Tuesday by the Finnish economic daily Taloussanomat.
      "I was told about the deal in the early hours. I will refrain from further commenting until we have held a board meeting later in the morning", Julin said. Juha Heikinheimo, president of the Aker Yards Cruise and Ferries business area, was also reluctant to comment on the deal or its possible repercussions in Finland.
     
The South Korean company announced it would pursue quick growth and branching out in Europe. The purchase price of 44.56 million Aker Yards shares was in the region of EUR 560 million.
      STX Shipbuilding Co. is the world's seventh-largest shipyard owner.
     
Aker Yards employs about 3,800 people in Finland. If the subcontractor network is taken into account, the whole shipbuilding industry in Finland employs about 20,000.
      Aker Yards has a total of 18 shipyards in eight countries, employing in excess of 20,000 people. The Finnish yards are part of Aker's cruise liner and car ferry group, as are the French shipyards in Saint Nazaire and Lorient.
     


Previously in HS International Edition:
  Aker Yards wins EUR 900 million order for another giant cruise liner (3.4.2007)
  Aker Yards for sale (15.3.2007)

Links:
  Aker Yards (Wikipedia)
  STX Shipbuilding
  Aker Yards

Helsingin Sanomat