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Post by ferryfast admin on Oct 21, 2011 11:19:26 GMT -5
Austal intends to buy shipyard in Philippines
By Dan Murtaugh, Press-Register blog.al.com/press-register-business/2011/10/austal_intends_to_buy_shipyard.html
Updated: Thursday, October 20, 2011, 6:47 PM
MOBILE, Alabama -- Austal Ltd., the parent company of Mobile shipbuilder Austal USA, just announced in its annual meeting presentation that it intends to purchase a shipyard in the Philippines.
The company said it had signed an agreement of intent to purchase a shipyard and hopes to complete the acquisition by the end of the year. No other details were immediately available.
In July, the Cebu Daily News reported that Austal officials were developing a facility in the 66,000-person town of Balamban on the island of Cebu in the Philippines. The article quoted a former mayor of Balamban, who said the development would generate 2,000 jobs for the town.
Austal has two shipyards, one on Mobile River that focuses on U.S. defense work, and one in Henderson, Australia, that until recently has focused on commercial vessels such as ferries.
But a strong Australian dollar has hampered the Henderson yard's ability to competitively price ships outside Australia. Earlier this year, Austal officials announced they would open a commercial shipyard outside Australia and focus the Henderson yard on military work.
In the annual meeting presentation, Austal officials say they may also open a shipyard in Europe, as well.
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