The letter of intent relates to MacGregor’s planned acquisition of the marine and offshore businesses of TTS Group and future cooperation potential between the two groups.
The acquisition is subject to regulatory approvals in China, Germany and South Korea, and MacGregor is expecting to receive these approvals by the end of 2018.
Read more: MacGregor acquiring marine and offshore businesses of TTS Group
MacGregor said that the cooperation with CSSC will further reinforce its presence in Asia, specifically in China, the world’s biggest shipbuilding market.
"CSSC is a very important partner for MacGregor, as it is the primary shipbuilding group in China and well positioned as a global leader in the industry. The mutual trust built between MacGregor and CSSC during the 30 years of partnership will be a solid foundation for the new chapter of strategic cooperation,” MacGregor stated.
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