STX Group to invest in Vietnam

Sprawling maritime conglomerate STX Group said that it would set up a manufacturing base in Vietnam, investing $150 million by 2015, to expand its offshore plant business.

STX Group's three flagship companies, STX Corp, STX Shipbuilding Co and STX Engine, will invest in the project, said a spokesperson from the heavy industry and shipping-focused business group. The group has won the Vietnamese government's approval to set up a unit, STX-VINA Heavy Industry, which will mostly focus on offshore plant construction. It is yet to be decided whether STX Group would build ships from the Vietnam unit, the spokesperson added.
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