KUALA LUMPUR (Sept 18): Genting Hong Kong Ltd is acquiring a 70% stake in Lloyd Werft's shipbuilding's business and 50% of the latter's shipyard in Bremerhaven.

In a statement today, Genting Hong Kong's chairman and chief executive officer Tan Sri Lim Kok Thay said it would pay EUR17.5 million (RM84.43 million) for stakes in the Lloyd Werft's shipbuilding business and yard.
 
"Under the terms of the agreement, Genting Hong Kong will complete the acquisition of Lloyd Werft, subject to the fulfilment of certain final purchase conditions. Ownership in Lloyd Werft will enable Genting Hong Kong to leverage on the shipyard's technical expertise, as well as their well-established and long track record in the shipbuilding industry.

"Lloyd Werft has already built and lengthened six ships owned by an affiliate of Genting Hong Kong and has the expertise to build a series of world class cruise ships for the company, which will include the 'Exclusive Class' vessels for Crystal Cruises," Lim said

According to Genting Hong Kong's statement, Lloyd Werft, founded in 1857, was initially focused on ship repair, before moving into shipbuilding in the 1970s.

Today, Lloyd Werft shipyard, on 26ha (260,000 sq m), comprises six docks and a 1,600 metre pier. Lloyd Werft has built ships for Norwegian Cruise Line, which is a unit of Genting Hong Kong.

To enhance the competitiveness of Crystal Cruises, another unit of Genting Hong Kong, the group has signed a letter of intent with Lloyd Werft to build "exclusive class" cruise ships.

"Further[more], Crystal Cruises is also planning to order new luxury river ships from Lloyd Werft, which will feature larger suites than currently available in the market, to complement their innovative design, itineraries and activities for cruising in the Danube, Rhine, Seine and other European rivers," Lim said.

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