Cammell Laird Receives An Offer For Teesside

Wednesday, May 23, 2001
Cammell Laird, which is in receivership, has had an offer to buy its Teesside yard in northeast England, giving a glimmer of hope for workers fearing further job cuts. "An offer to take over the Teesside yard only has been received. Negotiations continue," a spokeswoman for accountancy firm PricewaterhouseCoopers, acting as receivers, said. Cammell Laird, whose main yard was established in 1824, announced over 500 job cuts in recent months after it entered receivership when a series of cancelled orders hit its finances, causing it to suspend trading in its bonds and shares. The decline in its fortunes echoed those of the British shipbuilding industry as a whole. Cammell Laird said last month that it would mothball the Teesside plant. The receivers' spokeswoman said the offer was for the site in its current state, but she declined to provide further details. Press reports have said venture capital firms Alchemy Partners and Patron Capital, along with rival UK shipbuilder Swan Hunter, are potential bidders for parts of Cammell Laird. - (Reuters)

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