Chinese CSR acquires UK’s SMD

Zhuzhou CSR Times Electric, a subsidiary of Chinese CSR Corporation, has acquired Specialist Machine Developments (SMD).

SMD has announced that the company signed a sale and purchase agreement with Zhuzhou CSR Times Electric Co. for the sale of the entire share capital of the SMD group.

Andrew Hodgson, CEO of SMD, said: “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.”

The deal will be concluded after the completion of the filing procedures with several Chinese regulatory authorities. The process is expected to last between two and four months.

Jiang Yi, Deputy President of CSR Zhuzhou Institute added that he believes SMD’s extensive track record in the subsea sector will help CSR and SMD to further expand the global subsea equipment market.

SMD is organized across a number of key business streams including work class ROVs, subsea trenching, submerged mining and marine renewables.

Zhuzhou CSR Times Electric mainly engages in application research and engineering research of electric traction technology, industrial and civilian converter technology.

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Image: SMD