Wallsend-based manufacturer of subsea vehicle systems, Soil Machine Dynamics (SMD) has been acquired by Zhuzhou CSR Times Electric Co, a subsidiary of Chinese company CSR Corporation.
The Hong Kong-listed company has bought SMD from Inflexion Private Equity and SMD’S management team for, according to reports, £120 million.
Inflexion Private Equity, the mid-market private equity investor, acquired a majority stake in SMD back in 2008.
According to SMD, the two companies have signed a sale and purchase agreement for the entire share capital of the SMD group.
Becoming part of CSR will be a key step in SMD’s development as a business and we look forward to continuing to deliver to our markets in this new and exciting phase of our history, said Andrew Hodgson , CEO of SMD.
Mr Jiang Yi , Deputy President of CSR Zhuzhou Institute, commented: “SMD has world class technology, a world class engineering team and an extensive track record in the subsea sector. I believe CSR and SMD will work together to further develop the global subsea equipment market.”
Subsea World News Staff