Chinese Zhuzhou Buys UK's SMD
Zhuzhou CSR Times Electric Co. Ltd, a subsidiary of CSR Corporation Limited of China, has acquired Specialist Machine Developments (SMD) group.
SMD is organised across a number of business streams, including Work Class ROVs, Subsea Trenching, Submerged Mining and Marine Renewables.
Andrew Hodgson, CEO of SMD, commented: “Becoming part of CSR will be a key step in SMD’s development as a business and we look forward to continuing to deliver to our markets in this new and exciting phase of our history.”
Mr Jiang Yi, Deputy President of CSR Zhuzhou Institute added: “SMD has world class technology, a world class engineering team and an extensive track record in the subsea sector. I believe CSR and SMD will work together to further develop the global subsea equipment market.”
This completion of the deal is now subject to completion of the filing procedures with several Chinese regulatory authorities and the process itself is expected to take between two and four months.