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

People & Company News

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

U.S. Navy Contracts 12 Rapid Response Skimmers

Kvichak Marine won a US Navy contract for 12 30-ft.Rapid Response Skimmers (RRS) for delivery over the next 18 months, with options for up to 30 additional skimmers to be delivered through 2019.

Contracts

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

Clean Marine Wins New Contract

Clean Marine has been selected by Hyundai Mipo Dockyard in South Korea to supply exhaust gas cleaning systems (EGCS) for two new MR tankers. IMO’s convention

Liebherr to Deliver RTGs to Mayotte and Manila

Liebherr confirms orders for variable speed RTGs and electric RTGs. DPWorld Asian Terminals Inc. has placed an order with Liebherr Container Cranes for a further 5 RTGs at its Manila facility.

Shipbuilding

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

COSCO Delivers Bulker

The Board of Directors of COSCO Corporation (Singapore) Limited announced that COSCO (Dalian) Shipyard Co., Ltd a subsidiary of the Company's 51% owned COSCO Shipyard Group Co.

Navy to Commission Submarine North Dakota

The Navy will commission its newest attack submarine North Dakota, during a ceremony Saturday, Oct. 25, 2014, at Submarine Base New London in Groton, Connecticut.

Ship Repair & Conversion

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Mitsubishi Super Skiving System

Mitsubishi Heavy Industries, Ltd. (MHI) has completed development of the "Mitsubishi Super Skiving System" for machining internal gears with high speed and outstanding precision.

People in the News

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain.

USCG to Ensure Safety During World Series

The Coast Guard and local agencies are working to ensure the safety of boaters and baseball fans during World Series games at AT&T Park this weekend. The

16 Die in Coal Mine Accident in China

Sixteen workers were killed after a coal mine collapsed in China's far western region of Xinjiang, the official Xinhua news agency reported on Saturday, highlighting

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Salvage Ship Electronics 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: 0.2142 sec (5 req/sec)