Manitowoc Acquires Marinette

Friday, December 22, 2000
The Manitowoc Company, Inc. has finalized its previously announced agreement to purchase Marinette Marine Corporation. Marinette was acquired for approximately $48 million in an all-cash transaction financed through Manitowoc's existing credit facility. Located in Marinette, Wisconsin, just across Green Bay from Manitowoc's Bay Shipbuilding facility, Marinette Marine operates one of the largest shipyards on the U.S. Great Lakes. The acquisition is expected to add 10 cents to Manitowoc's 2001 earnings.

"We are delighted that Marinette Marine is now part of The Manitowoc Company and we want to welcome their employees and families to our family," stated Terry D. Growcock, Manitowoc's president and chief executive officer. "Our two organizations share a common bond in that each has played a pivotal role in the maritime history of the Great Lakes region. Marinette Marine has a well-deserved reputation for manufacturing the highest-quality vessels using the industry's most innovative and efficient ship construction technologies. We look forward to their contributions to our Marine Group as we move forward together as one of the leading shipbuilding and repair organizations in the entire United States."

In addition, the company announced that Marinette secured a contract worth $84.5 million from the U.S. Coast Guard for the construction of three 225-ft. Juniper Class (WLB) sea-going buoy tenders. These three cutters are part of a $309-million contract awarded in September 1998, which contains options for an additional two vessels, yet to be awarded.

Throughout its 57-year history, Marinette Marine has constructed more than 1,300 ships, including landing craft, barracks barges, workboats, tugs, launching craft, and mine countermeasure vessels for the U.S. Navy, as well as harbor tugs, ferries, and research vessels for commercial customers. Marinette Marine's 800-person workforce is currently constructing 225-ft.Juniper Class (WLB) seagoing buoy tenders and recently delivered the fourteenth and final 175-ft. Keeper Class (WLM) coastal buoy tender for the U.S. Coast Guard, under a contract awarded in 1993. Marinette Marine is also currently in the final stages of delivering two "hotel" barges to the U.S. Navy.

Maritime Reporter October 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Marine Propulsion

Volvo Penta's New Keel Cooling Option

Volvo Penta is offering factory-built keel-cooled engines for the entire line of marine commercial inboard and sterndrive D4 3.7-liter and D6 5.5-liter engines.

Permanent Magnet Technology for Maritime Propulsion

Multipurpose vessels, especially those that operate primarily at part loads, have been facing pressure when it comes to making money in today’s business environment.

‘Green’ Hybrid-powered Research Vessel Christened

The Maritime Aquarium at Norwalk christened a larger, “greener” new research vessel on Friday, September 26 in preparation for launching a new era in examining,

Shipbuilding

Samsung Heavy Venturing Overseas

SHI is ready to invest around $950 million in the overseas shipbuilding facility by 2017, according to SHI’s Chief Financial Officer Chun Tae Heung. Tankers, bulk

Ingalls Shipbuilding Begins Fabrication for Aegis Destroyer

Huntington Ingalls Industries' (NYSE:HII) Ingalls Shipbuilding division today marked the start of fabrication for the future Aegis-guided missile destroyer Paul Ignatius (DDG 117).

Industry Professionals to Speak at ShipConstructor Conference

The speakers representing various companies at next week's SSI Americas ShipConstructor User Conference, October 7-9, 2014 in Mobile, Alabama, demonstrate SSI's

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Sonar Winch
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: 0.1627 sec (6 req/sec)