Agreement on purchase of Sietas Shipyard by Pella Shipyard comes into effect
The agreement on the purchase of Sietas Shipyard (Hamburg, Germany) by Pella Shipyard from Otradnoye near St. Petersburg (Russia) came into effect on March 10, 2014, press center of Sietas says.
The J. J. Sietas shipyard has been in existence in the west of Hamburg on the south bank of the Elbe since 1635. 120 employees of Sietas Shipyard are being kept while the buyer intends increasing the number of employees at Sietas Shipyard to at least 400 by the end of 2016. Pella Shipyard is planning to invest at least 15 million euros in the infrastructure at Sietas Shipyard by the end of 2016.
Co-owner of Pella Shipyard Garegin Tsaturov and Natalia Din will run the business of the new brand Pella Sietas GmbH.
Pella Sietas GmbH is the second largest shipyard in the Hamburg Metropolitan Area and the third largest in Germany.
Leningrad Shipyard Pella was founded in 1950 and privatized in 1992. The holding incorporates a head company and a number of subsidiaries. The shipyard specializes in construction of tug boats for Russian customers.
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Shipyard Pella buys Sietas shipyard (Germany) (photo) >>>>
