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STX buys Korean block manufacturer

STX buys Korean block manufacturer

Seoul: The board of directors of Korea's STX Offshore & Shipbuilding decided to buy the entire shares (321,360) in Hyukshin Machinery, a compatriot ship-block manufacturer, for KRW 39.2bn (about $34m), STX announced in a stock exchange filing recently. ??This is for STX to increase its productivity through securing a production facility specializing in ship-blocks for newbuildings. ??STX's investment in the acquisition equates to 3.6% of its capital, and the stock acquisition is expected to happen on January 15th, 2011. [01/12/10]

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