The Societe Morbihannaise des Isles (SMI) has taken over failed French shipbuilder Gamelin.
La-Rochelle-based Chantiers Navales Gamelin was sold for US$855,000.
While there were numerous other bidders, only SMI proposed to maintain all the existing activities of Gamelin shipyard. The company has two yards, in La Rochelle and Saint Malo and had a workforce of 89, Lloyds List reported.
Gamelin was established by Joel Gamelin in 1983. The yard specialises in aluminium pleasure craft up to 150 metres in length. Mr Gamelin committed suicide on December 23, 2008, shortly after the company went into administration.