United Kingdom

United Kingdom

CSR buys subsea RV maker for €174m

UK: CSR Zhuzhou Times Electric has signed an agreement to buy SMD, a UK manufacturer of subsea remote vehicles, for £130 million (€174 million).

SMD produces RVs for the offshore wind sector
SMD produces RVs for the offshore wind sector

The purchase had yet to wait for approval by relevant regulatory bodies before coming into force, CSR said.

Headquartered in Newcastle, SMD is a designer and manufacturer of subsea remotely operated vehicles (ROVs) and provider of marine engineering service.

Based in Zhuzhou in central China's Hunan Province, CRS ZTE is a listed performing arm of the CSR Zhuzhou Institute, which has a department dedicated to wind turbine designing and manufacturing.

Latest statistics released by China Wind Energy Association showed CSR Zhuzhou installed 610MW of wind turbines in 2014, representing a 2.61% share in the domestic market and ranking the 13th on the list of Chinese manufacturers.

China has developed a manned submersible that can dive as deep as 7,000 some metres under the sea. But the country is relatively inexperienced in subsea engineering.

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