Japanese Consortium Pulls Out of Brazilian Shipyard Ecovix
A consortium of Japanese shipyards decided to sell its stake of Ecovix, which controls the Rio Grande Shipyard, reports Reuters. Mitsubishi Heavy Industries, four other shipbuilders said in October 2013 acquired 30% of Ecovix-Engevix Construcoes Oceanicas in a deal reportedly worth some 30 billion yen (about $305 million at the time). In addition to MHI, the Japanese group includes Mitsubishi Co and the Imabari, Namura and Oshima Shipbuilding companies. Mitsubishi Heavy owns about half of the stake, bought through a special-purpose company. The buyer of the slice will be the Jackson Empreendimentos, parent company of Engevix contractor and owner of 70% of Ecovix.
Mitsubishi-led Group Exiting Stake in Brazil Shipyard
A group of Japanese shipbuilders led by Mitsubishi Heavy Industries Ltd (MHI) plans to exit its 30 percent stake in Brazilian shipbuilder Ecovix and declare the investment as a loss, Valor Economico newspaper reported on Tuesday. The group led by MHI plans to sell its stake in Ecovix, which it bought in 2013 for about $300 million, to Jackson Empreendimentos for a "symbolic amount," Valor reported. Jackson Empreendimentos owns the remaining 70 percent of Ecovix, the controller of Estaleiro Rio Grande (ERG) shipyard in the Brazilian city of Rio Grande. In addition to MHI, the Japanese group includes Mitsubishi Co and the Imabari, Namura and Oshima Shipbuilding companies, the newspaper reported. MHI's Brazilian unit did not answer calls requesting comment.
