Pella shipyard gains control of Sietas Werft
ST. PETERSBURG/HAMBURG. March 11 (Interfax) - OJSC Leningrad Shipyard Pella has gained control of German Sietas Werft, based in Hamburg, Hamburg Marketing GmbH's press service said in a statement.
The agreement for the shipyard's sale went into force on Monday, March 10, the statement said, which is when Pella officially acquired the German enterprise.
Pella is planning to invest around 15 million euro in the development of the German shipyard and increase the number of employees to 400 people by 2016 from the current 120. The enterprise is expected to manufacture products under the brand Pella Sietas GmbH.
The company's product line is expected to grow at the plant taking into account the new site's technological capabilities: the design and construction of vessels with a large water displacement.
The buy-sell agreement of the Sietas shipyard was signed on February 10, 2014.
The Pella factory specializes in the production of tugboats, motorboats and port-service vessels. The enterprise also has orders to build fish trawlers. According to the SPARK-Interfax database, the company is owned by private individuals.
