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…