Aker Solutions agreed to sell its German Aker Wirth tunnel-boring and shaft-boring technology to China Railway Tunneling Equipment Co. Ltd (CRTE), as part of a plan to divest assets that don’t fit with its main offshore-services strategy.
CRTE will acquire technological intellectual property rights. It will also gain the right to use the Wirth brand name on tunnel-boring and shaft-boring products that are based on the acquired technology. The transaction does not involve the transfer of any Aker Solutions employees and the manufacturing facility in Erkelenz, Germany, will remain part of the company’s drilling technologies business. The parties agreed not to disclose the value of the transaction, which is set to be completed in December 2013. The transaction will have limited financial impact for Aker Solutions.
[mappress] Press Release, November 27, 2013