Austal to acquire Philippines shipyard

Austal says in an annual meeting presentation that it has signed an agreement to acquire a shipyard in the Philippines and expects to complete the acquisition in the current quarter.

According to reports in the Philippines press, the yard is in Cebu, where Austal has reportedly been developing a part of the site of FBMA Marine Inc., an Aboitiz-owned shipbuilding plant inside the West Cebu Industrial Park in Balamban.

The decision to buy a yard in the Philippines is a response to the strength of the Australian dollar. Austal plans to focus its Australian shipbuilding facilities on the defense sector. It says it will continue to develop new products for emerging markets, to be constructed in regional manufacturing facilities, that would potentially include manufacturing in Europe.

October 21, 2011