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STX to Set Up Subsidiary in China
Tuesday, July 15, 2008
STX Shipbuilding Co said Tuesday it plans to make an initial investment of 35 billion Korean Won to set up a wholly-owned subsidiary in China, STX (Dalian) Business, reports said.
STX Shipbuilding said in a statement to regulators that STX (Dalian) Business would be in charge of management and leasing of STX's facilities in China.
STX Shipbuilding would be the first Korean company to build a shipyard in China, and the first Korean-owned overseas shipyard capable of building a whole vessel. However, Samsung Heavy and Daewoo Shipbuilding have built (or are currently building) facilities outside Korea for ship blocks, i.e. iron structures that form a ship.
STX has invested $1b in Dalian to build a shipyard comprising production facilities, engine assembly plants, a factory block and facilities for molding and forging in the first half of 2008.
STX expects sales of $3b from its shipyard in China by 2012.
Source: China Knowledge
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