Maersk shipyard sells Estonian metal components manufacturer

Maersk shipyard sells Estonian metal components manufacturer A.P. Moller-Maersk-subsidiary Odense Steel Shipyard Ltd. has agreed to sell Balti ES Ltd., a manufacturer of metal components based in Narva, Estonia, to Finland’s Cargotec Corp. for an undisclosed amount.
   Balti ES was acquired by the Odense Steel Shipyard Group in 1997, and employs about 600 people.
   “Following the closure of Maersk Container Industri's production facilities in Tinglev, Denmark the strategic importance of Balti ES for the Odense Steel Shipyard Group has been reduced. Balti ES functions as a separate unit and today sells most of its production capacity to companies outside the A.P. Moller-Maersk Group,” A.P. Moller-Maersk said in a statement.
   The two parties expect to complete the transaction within one to two months.