Oslo-listed TTS Group ASA has through its German subsidiary TTS NFM GmbH entered into an agreement with South China Marine Machinery, controlled by China State Shipbuilding Corporation (CSSC), to establish a new joint venture company.
TTS Group hopes that the new JV company, established for development, design, assembly, production and services for heavy lift marine and offshore cranes, will enhance the company’s position in China.
”The new joint venture company will strengthen the economic cooperation and exchange of technical knowledge between the two organizations. With the aim of the Chinese government to focus on localization in the Shipbuilding Supply Industry, CSSC and TTS strategic partnership has reached another milestone.I firmly believe that this new JV will improve and gain a competitive position in the market. And it will ensure satisfactory economic benefits for each Party,” said Björn Andersson, CEO of TTS group ASA.
This is the third joint venture company that TTS Group has established in China since 1998. In 1998 TTS Group established the first joint venture company, TTS Hua Hai, with CSSC. In 2005 TTS Group established the second joint venture company, TTS Bo Hai, with Dalian Shipbuilding Industry Corporation, controlled by China Shipbuilding Industry Corporation (CSIC), one of the two largest shipbuilding conglomerates in China.
China State Shipbuilding Corporation (CSSC) is a state-authorized investment institution directly administered by the central government of China. CSSC is the other of the two largest shipbuilding conglomerates in China. CSSC’ main business is shipbuilding, covering both naval and civil products.