Boatbuilders Tyovene of Finland and Baltic Workboats of Estonia have established a new joint company that will construct vessels of up to 120 metres in length.
The establishment of the Nordic Yards Group comes after Baltic Workboats' acquisition of a 50 per cent interest in Tyovene, said Baltic Workboats' owner Margus Vanaselja.
Initially, the companies will continue to operate independently under their own management, employees, and brand. The parties have agreed neither to disclose the price nor any other terms of the transaction.