TTS Group’s subsidiary TTS NFM GmbH in Hamburg, Germany has entered into an agreement with South China Marine Machinery, controlled by China State Shipbuilding Corporation (CSSC), to establish a new joint venture company.
TTS Group says that this new joint venture company was established for development, designs, assembly, production and services for heavy lift marine and offshore cranes. The JV will strengthen the economic cooperation and exchange of technical knowledge between the two organizations, TTS Group says.
“I firmly believe that this new JV will improve and gain a competitive position in the market. And it will ensure satisfactory economic benefits for each Party,” says Björn Andersson , CEO of TTS group ASA.
China State Shipbuilding Corporation is a state-authorized investment institution directly administered by the central government of China. CSSC’s main business is shipbuilding, covering both naval and civil products.
This is the third joint venture company that TTS Group has established in China since 1998. In 1998 TTS Group established the first joint venture company, TTS Hua Hai, with CSSC. In 2005 TTS Group established the second joint venture company, TTS Bo Hai, with Dalian Shipbuilding Industry Corporation, controlled by China Shipbuilding Industry Corporation (CSIC), the other of the two largest shipbuilding conglomerates in China.
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