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 July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

EMGS - Settlement of the Convertible Bond Loan to North Energy

Divestment fully in line with ABB’s commitment to continuous portfolio optimization. ABB has divested five businesses with limited synergies in the past 11 months raising about $1 billion.

Chariot Agrees Brazil Farm Out with AziLat

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, announced that its wholly owned subsidiary, Chariot Brasil Petróleo e Gás Ltda.

Maersk Drilling Q2 2014 Profit Dips

Maersk Drilling informs that in Q2 2014 it delivered a profit (NOPAT) of USD 117-m (USD 150-m). While the underlying operational performance remained strong with an operational uptime of 97% (96%),

Shipbuilding

Week's Ocean-Going Shipbuilding Orders Sparse

Despite some media reports of more significant ordering, there is only one firm shipbuilding order to report in the drybulk sector, according to the latest Clarkson Hellas S&P Weekly Bulletin,

DSME Gets UK Shipyard Consulting Contract

S. Korea's DSME says it is to provide naval vessel production and management consulting services for British defense company BAE. Under the terms of the agreement,

Two MacGregor Subsea Cranes Ordered for Chinese PSVs

MacGregor, part of Cargotec, has secured a new contract from Chinese shipbuilder, Fujian Mawei Shipbuilding Ltd., for two 100-metric-ton active heave-compensated subsea MacGregor cranes.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Offshore Oil Port Authority Ship Repair Ship Simulators 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: 0.1845 sec (5 req/sec)