RSA Invests in Shipbuilding Firm
The Retirement Systems of Alabama has become the largest investor in Signal International, with a $100m purchase of shares in the shipbuilding firm that will move its headquarters from Pascagoula, Miss., to RSA's new skyscraper in Mobile.
RSA bought about $100m worth of shares in the $240mcompany, the company said.
Signal builds and repairs ships and offshore oil rigs. The firm employs about 3,000 people in Mobile, Pascagoula and in the Texas cities of Houston, Port Arthur and Orange.
In the next six to nine months, Signal will move its headquarters from Pascagoula to the 35-story RSA Battle House Tower. The company leased 6,000 square feet of office space.
RSA was approached about the purchase by Washington, D.C.-based ACON Investments. ACON, a private investment firm, bought Signal out of the bankruptcy estate of Friede Goldman in 2003, and retains a minority ownership position, Signal officials said.
Signal has grown and diversified its business since the 2003 ACON purchase, company officials said.
Source: Houston Chronicle