Engineering giant Rolls-Royce has acquired a Norwegian marine equipment plant in Vietnam, the UK-based company said.
Marine technology firm Odim ASA had developed the plant on 12,000 square meters in the southern coastal province of Ba Ria-Vung Tau Province for US$20 million.
The Norwegian firm's first investment in Vietnam opened last October with 100 local employees.
Rolls Royse said the acquisition would enhance its operations worldwide and expand business in Vietnam, where it supplies marine equipment to offshore oil and gas and ship-building industries.
The move was also a turning point for the British manufacturer, most famous for its luxury automobiles, as it is its first marine technology operation in Vietnam, the company said.
The acquisition comes after Rolls- oyce announced its purchase of 33 percent (more than 15.5 million ordinary shares) of Odim last year. The shares were owned by Aker Solutions ASA, a Norwegian multinational provider of engineering, construction, maintenance, modification and operation services.
Rolls-Royce Marine AS holds approximately 97.3 percent of the voting rights and share capital in Odim following settlement in April of its voluntary offer to purchase all of the shares in Odim
In Vietnam, Rolls-Royce is implementing a project to help Vietnam Shipbuilding Industry Group, or Vinashin, to develop the national marine industry. It also plans to establish a joint venture with local partners to build an aircraft maintenance, repairs and overhaul factory in the country.