Chinese Acquire UK Maritime Firm
UK subsea equipment manufacturer Specialist Machine Developments (SMD) has been acquired by Zhuzhou CSR Times Electric Co, a subsidiary of Chinese company CSR Corporation.
The two companies have signed a sale and purchase agreement for the entire share capital of the SMD group. SMD will remain independent in its business operations, and day-to-day functions will still be controlled by its original management team.
SMD is organized across a number of business streams, including Work Class ROVs, Subsea Trenching, Submerged Mining and Marine Renewables.
SMD's product portfolio includes the world’s largest range of subsea remotely operated vehicles (ROVs) such as work-class and specialist trenching vehicles; as well as marine renewable energy devices, subsea installation technologies and submerged mining equipment.
Andrew Hodgson, CEO of SMD, commented: “Becoming part of CSR will be a key step in SMD’s development as a business and we look forward to continuing to deliver to our markets in this new and exciting phase of our history.”
Jiang Yi, Deputy President of CSR Zhuzhou Institute added: “SMD has world class technology, a world class engineering team and an extensive track record in the subsea sector. I believe CSR and SMD will work together to further develop the global subsea equipment market.”
A Chinese subsidiary of SMD will be set up to develop its presence in the maritime market in that country.