Odense offloads Estonian subsidiary
ODENSE shipyard owned by Danish shipping and oil group AP Moller-Maersk has sold Balti ES Ltd, an Estonia-based metal components manufacturer, to Finland's Cargotec Corporation for an undisclosed sum. The final transfer of the company, which employs 600 people, is expected to take place within one to two months, Maersk said in a statement. Maersk said the strategic importance of Balti for Odense Shipyard had diminished since its purchase in 1997 and that the components manufacturer now sells most of its production capacity to companies outside the Maersk group.
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