CK Hutchison announces that the CK Hutchison Group has entered into a binding agreement with Swire Pacific  to acquire 50% interest in Hongkong United Dockyards from Swire Pacific.

HUD and its subsidiaries focus on the business of marine engineering, harbour salvage and towage and related services, as well as mechanical and electrical engineering services.

HUD integrates the extensive dockyard expertise and traditions of its two founding shareholders, and provides multi-disciplinary marine services and engineering solutions in Asia. Following the acquisition of 50% interest from Swire Pacific, HUD will become wholly-owned by members of the CK Hutchison Group.

The agreement also includes the acquisition by the CK Hutchison Group of 50% shares in The Hongkong Salvage & Towage Company Limited (“HKST”) from Swire Pacific. HKST was established in the 1930’s, from which the salvage and towage business currently integrated under HUD originated.