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CSSC, Hudong Heavy earmark $99m for vessel engine R&D

CSSC, Hudong Heavy earmark $99m for vessel engine R&D
China State Shipbuilding Industry (CSSC) and its wholly-owned Hudong Heavy Machinery have agreed to pump in RMB628.62m ($98.73m) for engine R&D purposes into its jointly-owned subsidiary CSSC Propulsion Research Institute.

CSSC controls 51% stake in CSSC Propulsion Research Institute while Hudong Heavy owns the remaining 49%.

Established on 30 December 2010, the Shanghai-based research arm is involved in vessel engines R&D and technological innovation, and cooperation with foreign firms on designs.

CSSC Propulsion Research Institute has partnered with CSSC Wartsila Engine (Shanghai) Co on various projects, according to a regulatory filing by Shanghai-listed CSSC.

CSSC Wartsila Engine (Shanghai) is 70% owned by CSSC and 30% owned by Finland’s Wartsila under a joint venture deal in 2014.