Tuesday, June 14, 2011

Daewoo gets "Aggressive"

Daewoo Shipbuilding & Marine Engineering is to be commissioned to manage Daehan Shipbuilding for the next three years since next month and this would likely give Deawoo wings in its aggressive management.

Daehan's main creditor bank Korea Development Bank plans to normalize the shipbuilder's management through Daewoo's intervention.

Daewoo is to embark on the consignment management in July after a board meeting.

South Korean companies like STX Group and SM Group had tried to acquire Daehan but negotiations broke down with KDB.

KDB has now decided to normalize Daehan by Daewoo's management and intends to sell Daehan for 'proper price'.

Being commissioned to manage Daehan, Daewoo can secure new business lands and will also get the priority to acquire Daehan after about three years from now.

Industry players are paying attention to the move whether the business model would help regional economy and smaller yards to rehabilitate.

Meanwhile, Daewoo is also consigned to manage Oman Drydock Company and has set up JV Zvezda Shipyard in Russia and another JV shipyard in Angola.

It is also proceeding with a JV shipbuilding company with Indonesian government and is expected to expand global network centering in Okpo Shipyard in South Korea.

Published : June 13, 2011

Source: Asiasis

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