Australian heavy engineering firm Civmec Ltd said it plans to buy the shipbuilding assets of domestic rival Forgacs Engineering Pty Ltd, aiming to benefit from an expected rush of government defence contracts.
Australia's naval shipbuilding industry is squaring up against large global competitors for some A$89 billion (US$63 billion) in defence building contracts promised by the government over the next 20 years.
A source familiar with the deal said the unit generates about 60% of Forgacs' annual revenue of A$120 million (US$85 million). The source declined to be identified as terms of the deal were not disclosed by the companies.
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Australia's naval shipbuilding industry is squaring up against large global competitors for some A$89 billion (US$63 billion) in defence building contracts promised by the government over the next 20 years.
A source familiar with the deal said the unit generates about 60% of Forgacs' annual revenue of A$120 million (US$85 million). The source declined to be identified as terms of the deal were not disclosed by the companies.
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