Kvaerner To Sell Shipyards, Maritime Unit

Monday, February 14, 2000
Kvaerner Plc has agreed to sell its maritime and technology unit Kvaerner Maritime for $15.9 million in cash. Separately, the group will also sell its Fjellstrand shipyards in Norway for $12.2 million to a consortium consisting of the management of Kvaerner Fjellstrand and other local investors. Kvaerner said it would sell Oslo-based Kvaerner Maritime to a consortium consisting of the management and staff of the company, and Reiten & Co. ASA. Reiten is a privately held financial house, based in Oslo, which invests in small technology businesses. The group said the sale of Kvaerner Maritime would not affect its accounts, though the sale of Kvaerner Fjellstrand would result in a small accounting loss. Kvaerner said it will try to find a buyer for the one remaining shipyard, owned by Kvaerner Fjellstrand in Singapore. The group is pulling out of the shipbuilding sector as part of a comprehensive restructuring plan.
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