BAE Announces Agreement to Acquire Marine Hydraulics International
BAE Systems today announced that it has entered into a definitive agreement with American Maritime Holdings, Inc. to acquire Marine Hydraulics International, Inc. (“MHI”), a privately held company that operates a shipyard, pier and waterfront facilities in Norfolk, Virginia.
The proposed acquisition would complement BAE Systems’ support to its customers with enhanced readiness and sustainment maritime services.
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MHI is a marine repair, overhaul, and conversion company serving the U.S. Navy, Military Sealift Command, Maritime Administration and commercial ship owners and operators worldwide. The company employs approximately 400 people and would be integrated with the BAE Systems Ship Repair business.
“This acquisition is fully aligned with our business strategy to continue to grow in the maritime industry by enhancing our efficiencies and breadth of capabilities, which is consistent with our global strategy to deliver value to our customers with cost-effective solutions,” said Bill Clifford, president, BAE Systems Ship Repair. “The proposed addition of MHI’s operations and highly skilled workforce would strengthen our ability to serve both military and commercial customers in the repair, maintenance and modernization sectors of the naval support and upgrade market.”
BAE Systems Ship Repair is a leading non-nuclear ship repair, modernization, and overhaul business, which serves the U.S. Navy and other government agencies, as well as commercial, private and government customers. BAE Systems Ship Repair offers a highly skilled and experienced workforce of more than 5,000 employees, dry docks and pier space, and ship support services across strategic locations in Norfolk, Virginia; San Diego and San Francisco, California; Jacksonville and Mayport, Florida; Mobile, Alabama; and Pearl Harbor, Hawaii.
The proposed acquisition is conditional, among other things, upon receiving certain regulatory approvals, and is expected to close during the first quarter of 2013.
Source : BAE Systems PLC (LSE: BAES.L)
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