STX buys stake in European cruise ship builder

STX Shipbuilding, the world's seventh-largest shipyard, said it has purchased a major stake in a European cruise ship builder to make inroads into the European market.

Until now, no world-class level Korean shipbuilders have been involved in the cruise ship building industry, since the construction of the high value-added floating hotels demands sophisticated capabilities such as refined interior design. STX said it bought a 39.2 percent stake in Oslo, Norway-based Aker Yards ASA for US$800 million. The STX purchase makes the Korean shipbuilder the largest individual shareholder. The Norwegian shipbuilder employs 20,000 workers at 18 yards in eight countries including Finland, France, Germany and Brazil. It is the world's largest producer of small and medium-sized ferries and the second largest builder of cruise liners after Italy's Fincantieri.

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