Daewoo Mangalia Heavy Industries (DMHI) shipyard, which is owned by South Korean Daewoo Shipbuilding & Marine Engineering Co group, one of the biggest shipbuilders in the world, has set its sights on achieving a one billion dollar turnover (more than 775 million euros) by 2015. Revealed in a five-year business plan last year, the company''s sales target for 2009 is 500 million dollars (387 million euros). DMHI posted a 135 million dollar turnover last year and expects sales of 220 million dollars for this year. "We have already signed contracts for the 500 million dollar goal. Over the next two years we will run an investment programme to develop our production facilities so that we will be making sales of one billion dollars by 2015," said Gheorghe Petrescu, the DMHI chairman, during the signing of the 500 million dollar contract with German ship owner Hamburg Sud, a division of Oetker Group, at the end of last week. DMHI is planning 8 million dollars in investments for this year and 12 million dollars for next year. Both investment plans will be self-sustained, company officials say. DMHI also signed a contract with Germany''s NSB/Gebab/Conti Group worth 300 million dollars (232 million euros). Under the contract it will build four 4,860 TEU container carriers. The two orders represent the largest contracts for container carriers ever signed by a Black Sea shipyard. ZF
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