The Canadian Davie buys the shipyard in Helsinki

The Canadian Davie buys the shipyard in Helsinki
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Shipbuilder Chantier Davie Canada said it has exercised an exclusive option to buy the assets of Finland’s Helsinki Shipyard Oy, which is struggling to attract new business due to Western sanctions against Russia.

The deal remains subject to financial, regulatory and legal considerations, as well as Davie’s final decision-making, the company said.

James Davies, President and CEO of Davie, said: “If successful, the acquisition would combine two historic and highly complementary businesses and create the western world’s leading international center of excellence for shipbuilding in the Arctic.”

Davie builds and maintains icebreakers, warships and ferries for government and commercial clients. Helsinki Shipyard currently builds small and medium-sized cruise ships, although the yard has also built other types of vessels, including warships and a large number of icebreakers under previous owners.

Helsinki Shipyard has undergone a number of ownership changes throughout its long history and is currently owned by Cyprus-based Algador Holdings, founded by Russian businessmen Rishat Bagautdinov and Vladimir Kasyanenko.

The shipyard has struggled to land new orders after its business with Russia was frozen due to Western sanctions over the war in Ukraine.

Source: News Network


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