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Hellenic Shipyard sells unit to Dr Meyer October 14, 2007

Posted by grhomeboy in Business & Economy.
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Hellenic Shipyards (HSY), a fully owned subsidiary of Thyssen-Krupp Marine Systems, said yesterday it had sold its rolling-stock unit ETYE to German rail car maker Dr Meyer for an undisclosed amount.

HSY sold the unit as ThyssenKrupp’s core activities do not include the rolling-stock business.

“Dr Meyer was chosen as a best owner because rolling stock is the core of their business,” HSY Chief Executive Reinhard Kuhlmann, also a member of the board of ThyssenKrupp Marine Systems, told reporters. “The most decisive issue besides industrial prospects was the agreement to preserve jobs,” he said. HSY, acquired by ThyssenKrupp Marine Systems in 2005, is the largest shipyard firm in the eastern Mediterranean and builds gunboats and submarines.

The new rolling-stock owner, Dr Meyer, wants to go after new business and plans to beef up personnel to about 700 from a current 200. The Hellenic Railways Organization (OSE) has said it plans to invest up to 1.2 billion euros to upgrade trains in the next years. “OSE will be tendering a number of projects including wagons and diesel locomotives. We also anticipate to get cargo rail business,” said Horst Meyer, CEO of Dr Meyer.

The group plans to invest 7 millions euros in ETYE in coming years to upgrade facilities. Horst said ETYE will target doubling sales to about 30 million annually and will take part in consortiums. “We will need additional employees with certified technical skills. Beyond assemblage, we want to manufacture many parts in Greece,” he said.

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