Nordic Yards mulls over acquiring Siag Nordseewerke - report

(SeeNews) – Oct 22, 2012 - German shipbuilder Nordic Yards considers a takeover of insolvent German offshore wind turbine equipment supplier Siag Nordseewerke, spokesman Stefan Sprunk told daily Ostsee-Zeitung on Saturday.

Representatives of Nordic Yards visited on Thursday the insolvent company in Emden.

Nordic Yards has specialised in the construction of offshore platforms after its acquisition by Russian investor Vitaly Yusufov in August 2009. As a result, Siag Nordseewerke will fit in very well in the portfolio of the shipbuilder, Sprunk explained.

Employee representatives and trade union IG Metall welcomed the interest of Nordic Yards in Siag Nordseewerke.

The management of Siag Nordseewerke confirmed on Friday that a prospective buyer had visited the company. What is more, CEO Tomas Marutz said that Siag Nordseewerke would have a future only if a new investor is found.

Siag Nordseewerke, which has some 700 employees, filed for insolvency on Wednesday.

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