Shipbuilding Merger: Oregon Iron Works and Vigor

Posted by Greg Trauthwein
Wednesday, May 21, 2014
Vigor CEO and Owner Frank Foti
Oregon Iron Works (OIW) and Vigor Industrial (Vigor) today announced the companies are merging to unite their strengths in advanced manufacturing, shipbuilding and ship repair. Under the terms of the merger, OIW will become a wholly owned subsidiary of Vigor Industrial.
 
The combination creates the critical mass of innovation, infrastructure and financial strength needed to pursue even more complex projects, enter new markets and win more work than either could separately.
“I’ve spent the last 40 years building Oregon Iron Works into a company with some of the country’s most advanced fabrication capabilities, and we’ve been looking for ways to evolve to the next level and compete in a broader market spectrum,” said Terry Aarnio, OIW Chairman of the Board. “Vigor builds and repairs ships. OIW builds boats and other projects with complex fabrication, machining, and integration requirements. Vigor has some of the west coast’s largest shipyard industrial facilities and great marine industrial workers.”
 
OIW’s unique fabrication abilities combined with Vigor’s shipbuilding, heavy lifting and marine launch capabilities will allow the company to complete large-scale, complex projects that neither company could do alone.
“This combination positions the company to meet upcoming demand from various industrial and marine sectors,” said Vigor CEO and Owner Frank Foti. “Not only will diversification allow us to better weather the ups and downs of the marine industry, incorporating good fabrication genetics from non-marine sectors is great way to achieve world-class shipbuilding standards in the U.S.”
 
“It’s ‘Industrial Evolution’ and it’s what our economy needs,” Foti said. “We’re doing everything we can to build and sustain family-wage industrial jobs.”
The combined company will employ about 2,300 people in Alaska, Oregon and Washington. OIW and Vigor agreed to terms on May 20th, and expect the merger to be finalized before the end of June.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

PALFINGER Plans to Acquire Harding Group

The PALFINGER Group announced it intends to acquire 100 percent of the shares in Herkules Harding Holding AS and thus, the globally operating Harding Group, suppliers

Winners of Ferry Design Contest Selected

Winners of International Student Design Competition for a Safe Affordable Ferry to be revealed at the Ferry Safety and Technology Conference   Dr. Roberta Weisbrod,

Maritime Consolidation: Palfinger Aims to Acquire Harding

As maritime markets continue to struggle, merger and acquisition activity should heat up. Today, Austria's Palfinger Group announced that it intends to acquire

Contracts

HII Secures Aircraft Carrier Planning Contract

Huntington Ingalls Industries (HII) was awarded a $152 million contract for advance planning for the construction of the third aircraft carrier in the Gerald R.

Wood Group Bags Statoil MSA

Wood Group has been awarded an evergreen master services agreement (MSA) by Statoil to support the life cycles of its offshore  and onshore facilities. Work and

Russian Shipbuilder Wins $1 bln Iran Oil Rig Deal

Russian shipbuilder Krasnye Barrikady has been awarded a near-$1 billion contract by Iran to build five offshore drilling rigs for use on Iran's part of the Gulf shelf,

Shipbuilding

FIO’s New Research Vessel Enters Build Phase

The 78’ research vessel designed and engineered by Boksa Marine Design (BMD) in 2015 is headed to the building phase beginning in June.   BMD contracted with

HII Secures Aircraft Carrier Planning Contract

Huntington Ingalls Industries (HII) was awarded a $152 million contract for advance planning for the construction of the third aircraft carrier in the Gerald R.

Maritime Future Summit: Digital Shipping

Autonomous ships, smart on-board systems: At the Maritime Future Summit on September 5, industry leaders will discuss the future of shipping. For the first time

Ship Repair & Conversion

Grounded Bulker Repaired, Heads for Japan

The Captain of the Port for Oregon and southern Washington canceled the captain of the port order on the motor vessel Sparna allowing the vessel to leave its mooring at Kalama, Wash.

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

DSME Reveals Additional Self-Restructuring Plan

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.

Ship Sales

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

DSME, Sovcomflot Delay Delivery of First Arctic LNG carrier

South Korea's Daewoo Shipbuilding & Marine Engineering (DSME) and Sovcomflot have agreed to delay a liquefied natural gas carrier being built for the Yamal LNG project in Russia.

DSME Reveals Additional Self-Restructuring Plan

South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has  revealed an additional self-restructuring plan amid the falling shipbuilding orders.

People in the News

Glosten Promotes Lamkin to Senior Marine Consultant

Seattle-based naval architecture and marine engineering consultancy Glosten has promoted Bradley G. Lamkin, PE to Senior Marine Consultant. As a Senior Marine Consultant

Maritime Future Summit: Digital Shipping

Autonomous ships, smart on-board systems: At the Maritime Future Summit on September 5, industry leaders will discuss the future of shipping. For the first time

TORM CFO Zacho Resigns

Mads Peter Zacho, Chief Financial Offer at TORM, has resigned to become Chief Executive Officer at J. Lauritzen A/S. Mads has been with TORM since 2013 and will

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | 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: 0.1253 sec (8 req/sec)