Civmec mulls acquisition of Australian defence shipbuilder

In line with its expansion into the defence sector.

Mainboard-listed construction and engineering services provider Civmec revealed that it intends to acquire certain assets and the brand of Forgacs, Australia’s largest privately owned engineering and shipbuilding company servicing the defence and commercial markets.

Forgacs is Australia’s largest privately owned engineering and shipbuilding company, engaged in major project engineering, construction and maintenance for both defence and commercial markets.

The proposed acquisition will allow Civmec to gain in-house submarine building and technical expertise as well as a foothold in the defence shipbuilding industry.

Subject to satisfactory due diligence, necessary stakeholder approval and the finalisation of the sale and purchase agreement, the Company expects to complete the transaction in December this year.