Article Abstract:
Cammell Laird, the UK shipbuilder and repairer, has announced plans to transform itself from a UK shipbuilder into a shipbuilder for the western hemisphere. To implement the new strategy it is now looking to acquire port leases and shipbuilding companies in the US and in Europe. Cammell also believe there are significant opportunities in the deep water oil exploration market, and its recent announcement of a lease signing with the Port of Marseille, means it is well placed to handle deep water vessels. The new plans need to be financed however, and the company is about to make a cash call on shareholders, although its exact funding requirements are still unclear as yet. Cammell's results showed organic profits up by 33% to GB[pound] 16mn, with underlying sales up 23% to GB[pound] 131mn. Despite the strength of the pound the UK's lower labour costs have helped the company to retain a competitive advantage, and led to it winning a GB[pound] 53mn contract to convert an Italian cruiseliner into a vessel larger than the QE2.
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Article Abstract:
UK-based Senior Engineering, which announced a strategic review in December 1999, and effectively put itself up for sale, has confirmed that it is no longer holding talks with possible bidders. One consortium retains an interest in the company, however, and its former chief executive Andrew Parrish is thought to be linked to the group. Senior has announced plans to sell its largest division, the Specialised Industrial arm, a move that would leave it with automotive and aerospace divisions. The Specialised Industrial unit may, however, prove difficult to sell, as it is spread across 12 countries, producing a diverse range of products. Analysts believe that predators may yet target the group.
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Egg, the direct banking operation of Prudential is likely to expand onto the continent but when that will happen is still unclear. The company also wants to increase its presence in the UK and revamp its products, possibly replacing its range with a series of linked products.
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