Word: kvaerner
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Dates: during 1990-1999
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...Pennsylvania gave $307 million in economic incentives to Kvaerner ASA, a Norwegian global engineering and construction company, to open a shipyard at the former Philadelphia Naval Shipyard and employ 950 people. Subsidy: $323,000 for each...
...both outfits are splitting up. Princess Diana may get a couple of cars out of her breakup. No word yet on who will buy the QE2, which along with seven sibling ships is for sale in the wake of a proposed takeover of Trafalgar by Kvaerner, a Norwegian engineering company. Kvaerner is buying Trafalgar for a steerage-priced $1.35 billion. Trafalgar, primarily an engineering and building company, lost nearly $500 million last year on sales of $5.7 billion...
...Kvaerner, which also builds ships, is fishing for $400 million for Cunard, but it may wind up keeping the company if it doesn't get its price. Two would-be buyers, Carnival and Royal Caribbean, say they are not currently interested. Roderick McLeod, a Royal executive, told Lloyd's List, "The company has a marvelous name, dating back some 150 years. But in terms of current condition and assets, there's nothing we would gain from them...
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