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Article Excerpt
North Shore Acquisition Corp. ("North Shore") (OTC Bulletin Board: NSAQU, NSAQ, NSAQW), a special purpose acquisition company ("SPAC"), announced that it has entered into a definitive agreement for a business combination with a privately-held Korean company, Sungdong Industries Co. Ltd. ("SDI"). Overview of SDI SDI is the de facto holding company of the Sungdong Group, consisting of wholly-owned subsidiaries Sungdong Engineering & Machinery Manufacturing Co., Ltd. (SEM) and Youngsun China Co., Ltd. and various affiliates of which SDI has a minority interest, including Sungdong Shipbuilding & Marine Engineering (SSME), one of the top-ten shipbuilding companies in the world and the flagship company of the group, and Sungdong Steel Co. Ltd. SDI is primarily engaged in the manufacturing of welding machinery used in the shipbuilding industry and the production of conventional shipbuilding equipment, such as floating docks, deck houses and mega-blocks. Since its founding in 1991, the company has become one of the major subcontractors for Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine. SDI's principal executive office is located at 407-1 Maehak-ri Jungkwan-myun Kijang-kun, Busan 619-963 Republic of Korea. Its telephone number is (82) 55-259-7010.
With the acquisition of the Masan Yard form Hanjin Heavy Industries in December 2007, SDI's strategic focus has shifted to the manufacturing of specialty vessels and offshore drilling-related products....
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