SMD Bought by Chinese Firm
06 February 2015Specialist Machine Developments (SMD) Ltd are pleased to announce that our shareholders have signed a sale and purchase agreement with Zhuzhou CSR Times Electric Co Ltd a subsidiary of CSR Corporation Limited of China, for the sale of the entire share capital of the SMD group.
Andrew Hodgson, CEO of SMD, commented: "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”.
Mr Jiang Yi, Deputy President of CSR Zhuzhou Institute added "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”.
This completion of the deal is now subject to completion of the filing procedures with several Chinese regulatory authorities and we expect this process to take between two and four months.