Exciting Times Ahead Following CRRC Merger

November 3, 2016

September 2015: Following the acquisition of SMD by CSR Times Electric (now CRRC TEG) earlier this year, the parent company of CRRC TEG, China CSR Corporation Limited (CSR), completed a merger with China CNR Corporation, to create China CRRC Corporation Limited (CRRC). The merger of these two companies has significant and positive implications for the development of SMD; not least the support from such a strong financial capability.

A number of areas of the business are already embarking on some exciting new projects that we could not have realised without the support of CRRC and CRRC TEG, and we look forward to revealing further details of these developments over the coming months.

One of these projects stems directly from some customer research carried out last year on behalf of our Work Class ROV business unit which identified a demand for an improved command and control environment. We strongly value feedback from our customer and have recently carried out some research which we will be using to help improve our aftersales support service over the coming months. Read more about this here.

The Managing Director of our Trenching, Mining and Renewables business unit, Mike Jones has taken up the role of Deputy CEO and will be focused on heading up our operations in China. Mike commented, “The nascent Chinese subsea markets present a huge opportunity for our business. I am pleased to be given the opportunity to establish and lead our presence in China.”

Our experienced Trenching, Mining and Renewables business unit manager, Paul Davison will be stepping into Mike’s previous role as Managing Director of our projects based business unit, and is looking forward to this new challenge: “I’m very proud and excited to manage the projects division.  The markets in which we operate are in constant flux which drives innovation, technology and agility.  This is our challenge and we look forward to growing a long term, sustainable business as part of the CRRC group.”

It’s important to us to keep our stakeholders informed, and as part of this we’re taking part in a number of industry events over the coming months. We will be exhibiting at the OI China exhibition in Shanghai which takes place in November. We will also have speakers at O&M Offshore in London on the 5th November, and at OWCI Hamburg which runs from the 1st to the 2nd of December.

General

Aquisition Brings New Opportunities

November 2, 2016

May 2015: We were very pleased to announce on the 9th April that Zhuzhou CSR Times Electric Co Ltd. (CSR Times Electric), a subsidiary of CSR Corporation (CSR), completed the formal £130m acquisition of Specialist Machine Developments (SMD) Limited, the top holding company of the SMD group.

This is an exciting time and marks the beginning of the next chapter for SMD. Andrew Hodgson, CEO commented: “I am proud of the business SMD is today. Inflexion has been an active and supportive investor with whose help we have diversified our customer base and the markets which we serve. With the technology, market and financial resources CSR brings we believe SMD will continue its strong development.”

Liu Hualong, the president of CSR commented: “SMD is a global leader in its sector that brings with it deep expertise and a strong reputation for quality products. We are excited about working alongside the company to grow its operations and further unlock opportunities in the global market.”

Following the acquisition, SMD will remain independent in its business operations and the day-to-day functions will still be controlled by its original management team. A new board of directors will be set up to take charge of business strategy, investment decision-making, financial monitoring and important decisions related to government and public relations.

SMD will serve as the global headquarters for CSR Times Electric’s deepwater equipment division. At the same time, a Chinese subsidiary of SMD will be set up to develop its presence in the Chinese maritime market. In this subsidiary, SMD will be responsible for overall technology planning, market management and other daily operations.

Ding Rongjun, the president of CSR Times Electric, commented: “The acquisition of SMD is an important step in the company’s overall growth strategy to internationalize our operations. We are looking to expand beyond the Chinese railway transportation industry into new product lines with higher technical added value and SMD represented a fantastic opportunity to develop our presence in the ocean engineering equipment industry. By opening an SMD subsidiary in China, we want to establish the company as a leading supplier of remote operated vehicles (ROVs) equipment in the national market.”

 

General