Damen Group acquires Daewoo Shipbuilding stake in DMHI

Daewoo Mangalia Heavy Industries (DMHI) was established in 1997 as a joint venture between Daewoo and 2 Mai Mangalia Shipyard, with Daewoo being the majority shareholder.    Dutch shipbuilding and engineering conglomerate Damen Shipyards Group has entered into an agreement with South Korea’s Daewoo Shipbuilding & Marine Engineering to acquire DSME’s majority share in subsidiary Daewoo Mangalia Heavy Industries (DMHI), Damen Shipyards confirmed Nov. 10.
   Daewoo’s Mangalia, Romania, shipyard was established in 1997 as a joint venture between Daewoo and 2 Mai Mangalia Shipyard, with Daewoo being the majority shareholder.
   Damen already owns another shipyard in Romania. Currently, the group’s largest facility is in the city of Galati, on the banks of the River Danube. The facility has developed into a highly efficient production yard with a significant output of many hundreds of vessels since it was acquired in 1999, according to Damen.
   “The [Galati] yard’s shipbuilding expertise and closely-managed supply chain have been behind some of Damen’s most important deliveries to date, fully representing the group’s diverse product portfolio,” Damen said in a statement.
   Now, with the Mangalia shipyard, Damen will have its two largest shipyards in close proximity to one another.
   The proposed transaction has already met the approval of Romanian competition authorities, Damen said, and added that meetings are being held with the Romanian government in relation to future cooperation in Mangalia and the further development of the Romanian shipbuilding industry.