Odense Steel Shipyard Ltd. sells Balti ES Ltd. to Cargotec Corporation
Odense Steel Shipyard Ltd. (Odense Staalskibsværft A/S) announces the sale of Balti ES Ltd., a manufacturer of metal components based in Narva, Estonia, to Cargotec Corporation, Finland. The final company transfer is expected to take place within 1-2 months. Following the closure of Maersk Container Industri´s production facilities in Tinglev, Denmark the strategic importance of Balti ES for the Odense Steel Shipyard Group has been reduced. Balti ES functions as a separate unit and today sells most of its production capacity to companies outside the A.P. Moller - Maersk Group.Balti ES was acquired by the Odense Steel Shipyard Group in 1997, and currently employs approximately 600 people. The two parties have agreed not to disclose the purchase price.