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Marine Log

March 6, 2007

MacGregor in Vietnam joint venture

The MacGregor Group-- part of the Cargotec Corporation--has announced a new joint venture production partnership with Vietnam Shipbuilding Industry Group (Vinashin).

The joint venture has been established as part of Vinashin's plan to locally source approximately 60-70 percent of ships' main equipment by 2010.

MacGregor-Vinashin (MacGregor Vinashin Marine Equipment Co Ltd), is located in Haiphong.

State-owned Vinashin has a 51 percent shareholding in the new production company, with MacGregor's stake standing at 49 percent.

Preparatory work for designing and building a new joint venture factory has been going on for some time. Lay-out of the area and the main principles for the workshops have been agreed, as well as main equipment required for the factory. Construction is expected to start during Spring this year and the factory is scheduled to be up-and-running about one year later.

Initially, the new MacGregor-Vinashin plant will be a purpose-built hatch cover factory focusing on cost-efficient manufacture of hatch covers for shipyards within Vietnam. The next phase of investment will include building-up the facilities to cater for the production and assembly of marine cranes, as well as the production of RoRo equipment.