On the first day of the Monaco Yacht Show, Compositeworks and Marina Barcelona 92 have announced that, in line with French protocol, detailed plans to combine the two organisations have been submitted to the workers of Compositeworks with a view to completing the arrangements before the year end. Under the plans MB92 will take a majority stake in Compositeworks, whose management will remain unchanged.
“This is a big day for Compositeworks, a company which has grown from humble beginnings in La Ciotat to become one of the industry’s leading operators in refit and repair," says Ben Mennem, president and co-founder of Compositeworks. "I strongly believe this arrangement provides a platform from which the two companies can lead this growing industry.”
For MB92, whose majority shares are owned by D-Marine Investments Holding B.V., a subsidiary of Dogus Group, the move is an opportunity to further expand the business' reach. “We have been looking to expand our operations outside of Barcelona and Compositeworks represents the ideal partner to strengthen our policy of excellence and efficiency of our services," adds Pepe Garci´a-Aubert, managing director of MB92. "Compositeworks has a strong presence in the Cote d’Azur and together, with our combined facilities, we will offer more flexibility and we expect synergies to drive better results for our customers.”
The announcement follows the news earlier this year of Blohm+Voss La Ciotat's 200m dry dock opened under MB92's management.