China has announced the establishment of a new shipbuilding giant following the completed merger of the China Shipbuilding Industry Corporation (CSIC) and China State Shipbuilding Corporation (CSSC).
The new company, which is named the China Shipbuilding Corporation (CSC), was launched on 27 November. China’s state-run media labelled the new enterprise as “the world’s largest shipbuilder”.
On its website, the CSC said that it operates 147 subsidiaries – including shipyards, research institutes, and listed companies – and has total assets of CNY790 billion (USD112.4 billion). It will also employ more than one-third of a million people, it said.
Combining the 2018 sales of CSIC and CSSC, the new company’s annual revenues are expected to be worth about USD60 billion.
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