German steel giant ThyssenKrupp has announced that, at the beginning of 2011, Blohm + Voss Industries (BVI), a company of its subsidiary ThyssenKrupp Marine Systems, has opened its own ship components sales and service branch in Singapore, recognizing the strong growth potential in this region.
"By taking over our Singapore business and handling it through our own company, we have created an important module that will ensure our greatest possible presence in strategic markets," BVI managing director Martin Johannsmann said.
Asia has developed into a core market in shipbuilding over the last few years, and Singapore alone has over 100 shipyards and related industries. BVI's Singapore branch will also be serving other countries in Southeast Asia and South Asia, ThyssenKrupp said in its report.
Hamburg-based BVI produces and sells ship components such as seals, bearings, stabilisers and bilgewater separators. BVI currently has subsidiaries in China and South Korea as well as strategic holdings in companies within Japan and the UK. In all other countries with shipbuilding markets, BVI works through a closely-knitted network of sales and service agents.