CIMC ups offshore credentials with US buy out

China International Marine Containers (Group) Ltd. (CIMC) said Tuesday it would acquire a 75-percent stake in Friede & Goldman United (F&G), a U.S.-based naval architecture and marine engineering firm for the offshore drilling market.

In a statement filed to the Shenzhen Stock Exchange, CIMC, one of the world's largest container producers, said it would purchase F&G shares owned by Russian shipbuilder MNP Group, for 75 million U.S. dollars. It said this acquisition was approved at a board meeting Monday.

The Shenzhen-based company said the acquisition could help Yantai Raffles Shipyard (pictured) Limited, a Singapore-based marine company it acquired in November 2009, to improve its design capability and win more orders.

(Source: www.schednet.com)