Chinese buy UK's SMD
CSR will further develop equipment for global subsea market
UK subsea equipment manufacturer Specialist Machine Developments (SMD) has been acquired by Zhuzhou CSR Times Electric Co, a subsidiary of Chinese company CSR Corporation.
The two companies have signed a sale and purchase agreement for the entire share capital of the SMD group.
Jiang Yi, Deputy President of CSR Zhuzhou Institute said: “SMD has world class technology, a world class engineering team and an extensive track record in the subsea sector.
"I believe CSR and SMD will work together to further develop the global subsea equipment market.”
The completion of the deal is subject to finalising filing procedures with several Chinese regulatory authorities, expected to take between two and four months.
SMD chief executive Andrew Hodgson said: “Becoming part of CSR will be a key step in SMD’s development as a business and we look forward to continuing to deliver to our markets in this new and exciting phase of our history.”
SMD's product portfolio includes the world’s largest range of subsea remotely operated vehicles (ROVs) such as work-class and specialist trenching vehicles; as well as marine renewable energy devices, subsea installation technologies and submerged mining equipment.
Customers span a range of sectors from energy (oil and gas, marine renewables and offshore wind infrastructure) to telecoms, mining, naval/military and scientific communities.
Zhuzhou CSR Times Electric mainly provides power converting and control products and services. CSR Group is a public listed company on the Hong Kong Stock Exchange, with revenues of nearly £1.4bn in 2014 and 6500 employees.
Image: SMD's track record includes early work on the Atlantis tidal energy generator (Atlantis)