Zhuzhou CSR nets subsea firm in UK

Zhuzhou CSR Times Electric Co has bought United Kingdom-based subsea equipment manufacturer, Specialist Machine Developments Ltd, for about 130 million pounds ($191.6 million).

The subsidiary of China's CSR Corp completed the acquisition of the entire share capital of SMD on Wednesday.

SMD will remain independent in its business operations, and day-to-day running will still be controlled by its original management team.