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STX to make investment in Brazil

Date added: 8th March, 2010 at 09:47
(view all articles from March, 2010)

Categories: Economy

STX Europe has announced it is to make an investment in Brazil by building a new shipyard in the North East of the country.

The factory will be located in Fortaleza, in the state of Ceara.

In total, the investment in Brazil from STX Europe and PJMR, its partner for the project, will be $100 million (£66 million) over three years.

Roy Reite, president of STX Europe's offshore and specialised vessels business area, said the investment in Brazil was of "strategic importance" to the company.

"The new yard in Ceara aims to serve the growing Brazilian oil and gas market by supplying various types of vessels as offshore and specialised vessels and LPG carriers," he commented.

Mr Reite added that the new shipyard will allow STX Europe to increase capacity and capability in Brazil, with around 20,000 tonnes of steel to be produced each year.

STX Europe, which already employs 16,000 people across its 15 shipyards throughout the world, will create about 1,500 jobs by making the investment in Brazil.ADNFCR-1477-ID-19654868-ADNFCR

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