China's COSCO Acquires German Marine Equipment Firm
COSCO International acquires Germany's Hanyuan to further develop global service network in marine spare parts supply.
Yuantong Marine Service Co. Limited, COSCO International’s wholly owned subsidiary mainly engaged in supplying marine equipment and spare parts, has signed a share purchase agreement with COSCO Europe GmbH to acquire the entire issued share capital of its wholly-owned subsidiary, Hanyuan Technical Service Center GmbH.
The consideration of the acquisition amounted to EUR1,180,000 (equivalent to approximately HK$11,977,000). Upon completion of the acquisition, Hanyuan will officially become the first wholly owned subsidiary of COSCO International in Europe, which marks a crucial step to expand its global presence of supply services of marine equipment and spare parts outside Asia.