News: Austal acquires $7M Asian shipyard

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Austal Limited (ASX:ASB) has bought a shipyard in the Philippines for $7 million and expects to start building vessels in the first quarter of 2012. 

The acquisition is part of the shipbuilding company’s strategy to regionalise its manufacturing base for commercial vessels.

An extra $5 million will be spent on enhancing the shipyard's existing facilities.

Austal’s Australian and US manufacturing operations focus on defence vessel construction.

The company says the latest purchase is important as it puts Austal on track to regaining competitiveness in key commercial vessel markets.

In the 2011 financial year Austal reported a net profit of $21.89 million.