Austal acquires shipyard in The PhilippinesYard News // November 10, 2011
Austal has acquired a shipyard in the Philippines as part of its strategy to regionalise its manufacturing base for commercial vessels.
The US$7 million acquisition of the former FBMA Marine shipyard enables Austal to establish shipbuilding operations at the West Cebu Industrial Park at Balamban, in the province of Cebu. Austal will invest a further US$5 million to enhance the shipyard’s existing facilities.
Austal plans to commence vessel construction in the first quarter of 2012, dependant on orders, and expects to employ about 30 workers during the start-up phase.
Future workforce growth is expected in line with market demand, and the site allows for efficient expansion of the facility when future operational and market conditions require.
Austal Chief Executive Officer Andrew Bellamy said the acquisition of the former FBMA shipyard is an important milestone in Austal’s corporate strategy to meet the requirements of key commercial vessel markets by further regionalising its shipbuilding operations.
“Our strategic review earlier this year found that there is strong demand in specific segments of the international commercial vessel market, such as fast crew transfer boats, work boats and 30 metre to 50 metre ferries,” he said.
“With our Australian and United States manufacturing operations increasingly defence focussed, we identified the need to regionalise our manufacturing base in order to be successful in those commercial vessel markets.”