2023-11-03 14:05:12
The Davie shipyard has managed to complete the acquisition of the largest icebreaker manufacturer in the world.
The Lévis company thus gets its hands on Helsinki Shipyard Oy (HSO) in Finland. The company, owned by Russian industrialists, had to find another shareholder in the wake of economic sanctions adopted during the war in Ukraine.
Davie publicly discussed its desire to acquire HSO last March. The amount of the transaction has not been disclosed. The transaction, however, obtained financial support from the Quebec government to the tune of 77 million euros, the equivalent of $110 million.
Quebec had already extended $520 million to allow the company to be added to the federal government’s National Shipbuilding Strategy.
The Lévis shipyard benefited from a significant turnaround in fortune last spring, following obtaining a contract from the federal government for the construction of seven icebreakers. The value of the contract might reach $8.5 billion.
Davie, which was excluded when the National Shipbuilding Strategy was launched more than a decade ago, is now one of three manufacturers that will supply ships to the federal government.
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