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DSME spending $171m on another block factory

DSME spending $171m on another block factory

Seoul: Daewoo Shipbuilding & Marine Engineering Co is to construct a Won162.2bn ($171m) block facility to speed up construction of its four-year order backlog.

The factory will be built starting 2009 at its yard in Okpo, the company said in a regulatory filing today.

DSME is set to invest an additional Won770bn this year to extend the length of its existing docks and build a floating dock.

In 2007, DSME started building blocks in China's eastern port of Yantai.

Also in 2007, DSME bought Sanshing Machinery, South Korea's largest ship block manufacturer.  [29/01/08]