Gdynia To Take Stake in Finnish Yard

Friday, February 11, 2000
Poland's Gdynia Shipyard is likely to take up 20-25 percent of shares in the Finnish Kvaerner Masa-Yards, Gdynia's chief executive Janusz Szlanta said last week. "Negotiations with other investors are still under way and nothing final has been decided yet. Everything points to the fact that Gdynia will take up a stake of between 20 and 25 percent," Szlanta said. "Four groups of investors will buy a new share issue, addressed only to them. The Gdynia shipyard wants to increase its stake in Masa-Yards in the future, but that will not happen sooner than in a year," Szlanta said. He declined to name the value of the transaction, adding final negotiations would probably end in two months. Apart from Gdynia, Masa-Yards investors include a group of the Finnish shipyard's management, suppliers and insurer Sampo, Kvaerner and regular buyers of the shipards vessels - Royal Caribbean. After radical restructuring in he early 1990s Gdynia is now the world's eighth biggest shipyard and through buying into Masa-Yards wants to diversify its production, Szlanta said. In 1998 it bought the bankrupt Gdansk shipyard for 115 million zlotys and had a profit of 100 million zlotys on 1.4 billion zloty ($340 million) sales. Its sales rose to $400 million in 1999 and Szlanta said he expected the figure to grow to $570 million this year. "The market has improved considerably," he said.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Fincantieri Launches Nuclear Waste Vessel for Russia

New semisubmersible floating platform will be used to transport special material decommissioned by the Russian Navy    Itarus, the new semisubmersible floating

Interview: Mike Petters - President & CEO, HII

Last month Mike Petters, president and CEO of Huntington Ingalls Industries (NYSE:HII), was honored by the Coast Guard Foundation at the 35th Annual Salute to the United States Coast Guard,

Grandweld Delivers Vessel to ADNOC

United Arab Emirates leading shipyard Grandweld has delivered a dive maintenance and support vessel TAWAM1 to Abu Dhabi National Oil Company (ADNOC).   Grandweld

Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0534 sec (19 req/sec)