MacGregor Signs LOI with CSSC

Posted by Michelle Howard October 30, 2018

MacGregor and China State Shipbuilding Corporation (CSSC) have signed a Letter of Intent (LOI) on strategic cooperation.

The LOI was signed on October 29, 2018 at an executive level meeting in Beijing led by Lei Fanpei, the CSSC Chairman and Michel van Roozendaal, MacGregor President.

MacGregor sees that this cooperation will further strengthen its presence in Asia and specifically in China, the world's biggest shipbuilding market. CSSC is a very important partner for MacGregor, as it is the primary shipbuilding group in China and well positioned as a global leader in the industry.

The LOI relates to MacGregor's planned acquisition of the marine and offshore businesses of TTS Group and future cooperation potential between the two groups. The acquisition is subject to regulatory approvals in China, Germany and South Korea, and MacGregor is expecting to receive these approvals by the end of 2018.

The mutual trust built between MacGregor and CSSC during the 30 years of partnership will be a solid foundation for the new chapter of strategic cooperation.