31 Dec 2014 15:15

United Shipbuilding Corp consolidates 100% of Finnish Archtech

MOSCOW. Dec 31 (Interfax) - Russia's United Shipbuilding Corporation (USC) has purchased a 50% stake in Finnish shipbuilder Archtech from STX Finland, Archtech said in a press release.

The acquisition raises USC's stake in Archtech to 100%.

USC did not disclose financial details of the deal.

USC, Russia's biggest shipbuilding holding, is 100% state owned. It includes 60 enterprises and organizations in the sector.

Archtech Helsinki Shipyard, founded in 2010, mainly builds icebreakers and other vessels designed for operations in the Arctic.