Union Steel makes maiden foray into offshore and marine industry with Transvictory group acquisition

SINGAPORE (May 18): Union Steel Holdings, one of the largest metal recycling companies in Singapore, has entered into a sale and purchase agreement to acquire the Transvictory group of companies consisting of Transvictory Holdings, Transvictory Winch System, and Steadfast Offshore & Marine, for $15 million.

Transvictory is a provider of products and engineering services, mainly involving winches, cranes, and deck equipment, to the offshore and marine industry.

The agreement marks Union Steel’s first foray into the offshore and marine industry – through which the group intends to tap on the strength of Transvictory’s existing customer networks and relationships, as well as potential operational synergies that could be harnessed between Transvictory and the group.

---

Related Stories

• Union Steel acquires 29.4% stake in Eneco Energy for up to $7.5 mil
• Union Steel reports earnings of $7.0 mil, 27.7% higher y-o-y
• Lian Bee Metal increases stake in Union Steel Holdings

---