Estonia, Lithuania, Mergers and take-overs, Transport

Odense Steel Shipyard’s subsidiaries wanted to sell the shipyards due to the decision made in August 2009 to end all ship-building operations of the enterprise.

“Odense Steel Shipyard is a long-term partner for BLRT with more than 15 years of co-operation linking the two companies,” commented the CEO of BLRT Group Fjodor Berman. He added that the new capacities will increase BLRT Group’s technical and logistical opportunities by taking the ship-building operations to a new globally competitive level in Estonia as well as in Lithuania.

Currently, the Baltija Shipyard and BEC employ a total of nearly 1,200 persons.

Among other things, the enterprise provides major metal constructions to Lindo Shipyard and other European shipyards. The new owner wishes to achieve great synergy between the Baltija Shipyard, BEC and BLRT Group’s subsidiaries.

The purchase and sale agreement has to be approved by the Lithuanian Competition Board. The estimated time for closing the transaction is in September this year. The parties have agreed not to disclose the selling price.