Danes to acquire Pipemasters

Danish shipping and industrial group J.Lauritzen says its Aalborg Industries boiler-making unit has signed a letter of intent to buy Finnish firm Pipemasters.

A Lauritzen statement said the Finnish firm had an annual turnover of 80 million Danish krone (about HK$92 million), but did not disclose the purchase price. It said that the acquisition was expected to increase Aalborg Industries' annual turnover to 1.7 billion crowns, from 1.3 billion in 1996.