(Hong Kong - CK Hutchison Holdings Limited ('CK Hutchison') announces that the CK Hutchison Group has entered into a binding agreement with Swire Pacific Limited ('Swire Pacific') to acquire 50% interest in Hongkong United Dockyards Limited ('HUD') from Swire Pacific.
HUD and its subsidiaries focus on the business of marine engineering, harbour salvage and towage and related services, as well as mechanical and electrical engineering services.
HUD integrates the extensive dockyard expertise and traditions of its two founding shareholders, and provides multi-disciplinary marine services and engineering solutions in Asia. Following the acquisition of 50% interest from Swire Pacific, HUD will become wholly-owned by members of the CK Hutchison Group.
The agreement also includes the acquisition by the CK Hutchison Group of 50% shares in The Hongkong Salvage & Towage Company Limited ('HKST') from Swire Pacific. HKST was established in the 1930's, from which the salvage and towage business currently integrated under HUD originated.
CK Hutchison Holdings Limited
About CK Hutchison Holdings Limited
Listed on The Stock Exchange of Hong Kong Limited, CK Hutchison Holdings Limited ('CK Hutchison') is a renowned multinational conglomerate committed to innovation and technology with businesses spanning the globe. With operations in about 50 countries and 300,000 employees worldwide, CK Hutchison has four core businesses - ports and related services, retail, infrastructure and telecommunications.
CK Hutchison reported turnover of approximately HKD404 billion (USD52 billion) for the year ended 31 December 2020.
For more information, please visit www.ckh.com.hk
About Hongkong United Dockyards Limited
Hongkong United Dockyards Limited is a joint venture between CK Hutchison Group and Swire Pacific, integrating the extensive dockyard expertise and traditions of the two companies to emerge as a leading provider of multi-disciplinary marine services and engineering solutions in Asia.
With a reputation that stretches back more than 100 years ago from Hongkong & Whampoa Dock Company Limited and Taikoo Dockyard & Engineering Company, HUD's industry knowledge and experience is trusted by the world's largest shipping management companies. It delivers services in ship repair, harbour towage and salvage, as well as steelwork or mechanical and electrical engineering.
HUD was established in 1972 by the merger of Hongkong & Whampoa Dock Company Limited and Taikoo Dockyard & Engineering Company. Its 100,000-square-metre dockyard is well located geographically on Tsing Yi Island, in close proximity to Hong Kong's two main import and export channels: Kwai Chung Container Terminals and Hong Kong International Airport.