OSI Provides Update on Acquisition

Wednesday, October 05, 2005
Offshore Systems International Ltd. is progressing with the due diligence process to acquire a United States defense contracting company, and is well underway in negotiating definitive agreements for the transaction. OSI first announced a non-binding letter of intent to purchase the target company on July 11, 2005. "The process is going very well," said President and CEO John Jacobson. "Although it is taking longer than initially anticipated, discussions have been and continue to be very positive." Jacobson said that this is a very complicated acquisition. "The target company operates in a heavily regulated field and while the regulatory approval process is proving more complex than we anticipated in July, we're optimistic and excited about where this process is leading and the progress we're making." The acquisition is expected to be accretive, and to approximately double OSI's revenue and employee base. The target company, with multiple offices in the United States, is a supplier of technology and services to the U.S. Department of Defense and key defense prime contractors.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Coast Guard Foundation to Honor USCG in Miami

The Coast Guard Foundation, a nonprofit organization committed to the education and welfare of all Coast Guard members and their families, announced today that

Maritime Broadband Opens Office in Greece

Maritime Broadband has expanded its worldwide footprint by opening an office, Maritime Broadband Hellas, in Athens, Greece. The new office addresses the growing

Renewable Energy: Schottel Tidal Turbines Ready For Use

In the last months Schottel  successfully tested its hydrokinetic turbines in Strangford Lough, Northern Ireland. The full-scale tests included 260 operating hours under realistic conditions.

Marine Propulsion

B COOL Acquires MEMAC

With the acquisition of MEMAC, B COOL A/S now offers customers one entry to multiple maritime systems – both refrigeration solutions and monitoring of the engine

Mitsubishi Super Skiving System

Mitsubishi Heavy Industries, Ltd. (MHI) has completed development of the "Mitsubishi Super Skiving System" for machining internal gears with high speed and outstanding precision.

Mitsubishi: First-Ever Licensing Deal to Chinese for Marine Propellers

Mitsubishi Heavy Industries Marine Machinery & Engine Co., Ltd. (MHI-MME), a group company of Mitsubishi Heavy Industries, Ltd. (MHI),  concluded a licensing agreement

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1854 sec (5 req/sec)