BAE Systems to Acquire Atlantic Marine

Wednesday, May 19, 2010

 BAE Systems entered into a definitive agreement to acquire Atlantic Marine Holding Company (Atlantic Marine) from JFL-AMH Partners, LLC, a portfolio company of the private equity firm J.F. Lehman & Company for $352 million. 
Atlantic Marine is a privately held vessel maintenance, repair, overhaul and conversion (MROC), marine fabrication, and ship construction services provider with operations at Mayport and Jacksonville, Florida; Moss Point, Mississippi; and Mobile, Alabama.  The acquisition does not include Atlantic Marine's Boston and Philadelphia operations, which will be retained by JFL-AMH Partners, LLC.  The acquisition will be funded from BAE Systems' existing cash resources.
"BAE Systems' strategy for our ship repair business is successfully growing marine sustainment activities in surface ship repair, as well as migrating our capabilities into naval modernization and upgrade.  The acquisition of Atlantic Marine's operations, highly skilled workforce, and marine fabrication capabilities will enhance BAE Systems' ability to serve customers in the naval support and upgrade sector," said Linda Hudson, President and CEO, BAE Systems, Inc.
Atlantic Marine employs approximately 1,000 people and will become part of BAE Systems' Ship Repair business.  The acquisition will complement BAE Systems' existing ship repair and upgrade capabilities to further serve the U.S. Navy and other maritime customers.
The acquisition is consistent with BAE Systems' strategy to address anticipated growth in Readiness & Sustainment activity within its home markets.  The addition of Atlantic Marine will enhance BAE Systems' ability to support current and future U.S. Navy home-porting strategies and broaden its customer base.
The proposed acquisition is conditional, among other things, upon receiving certain U.S. regulatory approvals and is expected to close in the third quarter of 2010.

 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

Chassis Pools for Port of Long Beach

Three companies that own the vast majority of chassis serving the San Pedro Bay ports are on track to activate a “gray chassis fleet” of truck-trailers on March 1,

Davie Building LNG-powered Ferries

Canadian shipbuilder Davie held a keel laying ceremony for MV Armand-Imbeau II, marking the beginning of the hull assembly for this first of two sisterships under

Lithuania Looks to U.S. for Gas

Lithuanian liquefied natural gas (LNG) importer Litgas has signed a preliminary agreement with a U.S. supplier, looking to lessen the Baltic nation's dependence on Russia.

Shipbuilding

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

Zamakona Yards' Commitment to Well-being

Recently employees of Zamakona Yards participated in a training course for maintaining Health, Safety and Environment (HSE). The theoretical practice focused on working at heights,

Ferus Smit to Launch Newbuild Bulker

Ferus Smit will launch newbuild bulk carrier Arklow Breeze on Friday, March 20 at Westerbroek.   Arklow Breeze is the sixth and last vessel of a series to be

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction 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: 0.1195 sec (8 req/sec)