Daewoo Shipbuilding & Marine Engineering will wind up operations outside the origin country, including Daewoo Mangalia shipyard, in an attempt to cut losses which would mount to over USD 2.5 billion, economica.net informs quoting a report made by the representatives of the Korea Development Bank majority stockholder.
“Daewoo Mangalia and DeWind (an American company operating several wind farms) cannot continue in the current situation and must be liquidated,” reads the KDB report.
An analysis of the financial situation is however intended, but apparently dissolution is the only solution at hand. If so, 2,600 persons would lose their jobs.
Daewoo-Mangalia Heavy Industries shipyard, the largest ship building company in Romania, controlled by Daewoo South Korean group and by the Romanian state, reported RON 700m record losses last year, sevenfold than in 2013, statistics of the Trade Register reveal.
Romania, through the Economy Ministry is minority shareholder at Daewoo Mangalia, owning 49 percent of the shares. Economy minister Mihai Tudose said he is waiting for the Koreans’ official notice before deciding the upcoming steps regarding the shipyard.