Kvaerner Says

Wednesday, July 07, 1999
Although international engineering and industrial giant Kvaerner is anxious to divest itself of its shipbuilding operations, the company is refusing to sell shipyards simply for the sake of selling them, recently rejecting a bid for its Govan shipyard in Scotland. Kvaerner said a $1.57 million bid by General Electric Co. Plc's defense and shipbuilding unit Marconi Electronic Systems was disappointing and had to be rejected. Kvaerner, Europe's biggest shipbuilder, announced in April its planned withdrawal from shipbuilding and the loss of 25,000 jobs after posting its first losses in more than 30 years. Kvaerner has 13 shipyards spread through the U.S., Singapore, Russia, Norway, Finland and Germany

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