The acquisition will be made by CSSC Science & Technology via its wholly-owned subsidiary CSSC Huahai Marine Equipment at a total cost of RMB48.63m ($7.2m)
Upon the completion of the deal, CSSC Huahai Marine Equipment will hold 100% stakes of Shanghai TTS Huahai Ships Equipment.
TTS Huahai possesses the largest market share in marine hatch cover sector. To improve self-dependent innovation capability, breakthrough the bottleneck of key technologies and upgrade the industry chain and supply chain, the company will integrate resources of TTS Huahai and improve the overall operation efficiency of CSSC Huahai, according to CSSC Science & Technology.
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Established in 1998, Shanghai TTS Huahai mainly provide services and products of hatch cover, ro-ro equipment and accessories, as well as anchor equipment.
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