Odense Steel Shipyard Ltd. sells Balti ES Ltd. to Cargotec Corporation

Odense Steel Shipyard Ltd. (Odense Staalskibsværft A/S) announces the sale of Balti ES Ltd., a manufacturer of metal components based in Narva, Estonia, to Cargotec Corporation, Finland. The final company transfer is expected to take place within 1-2 months. Following the closure of Maersk Container Industri´s production facilities in Tinglev, Denmark the strategic importance of Balti ES for the Odense Steel Shipyard Group has been reduced. Balti ES functions as a separate unit and today sells most of its production capacity to companies outside the A.P. Moller - Maersk Group.

Balti ES was acquired by the Odense Steel Shipyard Group in 1997, and currently employs approximately 600 people. The two parties have agreed not to disclose the purchase price.