STX Arctech Helsinki Shipyard Sale to USC Russia

The Russian state-owned shipbuilding firm USC has confirmed it will take full ownership of the financially challenged Arctech Helsinki shipyard from its current owner, the Korean company STX, according ot the Finnish newspaper Yle.

United Shipbuilding Corporation (USC) already holds a 50 percent stake in Arctech, and will now take full control when it buys out STX, says Yle, referring to a report in the Russian newspaper Kommersant.

Citing USC's head of communications, Aleksei Kravchenko, Yle reports that the timetable is not yet confirmed, but Kravchenko believes the deal could take some time, and the purchase price is under 20 million euros.

Yle adds that this news was reported first in Finland by Kauppalehti.

Arctech specialises in shipbuilding for Arctic operations and employs around 400 workers at its site in Helsinki’s Hietalahti harbour.

Source: Yle/Kommersant