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

People & Company News

Container Manufacturer Reports Profit Plunge

World-leading container manufacturer and logistics services provider Singamas Container Holdings Limited (Singamas) has  announced its unaudited interim results for the six months ended 30 June 2014.

CACI Named MSC Logistics Prime Contractor

CACI International Inc says it has been selected as a prime contractor to provide logistics support to the U.S. Navy’s Military Sealift Command (MSC) on the Worldwide

Iconic Star Ferry in Move to New Wan Chai Pier

With effect from the first departure on Saturday 30 August 2014, Hong Kong's “Wan Chai – Tsim Sha Tsui” ferry service will operate from the new Wan Chai Ferry Pier.

Contracts

CACI Named MSC Logistics Prime Contractor

CACI International Inc says it has been selected as a prime contractor to provide logistics support to the U.S. Navy’s Military Sealift Command (MSC) on the Worldwide

DoD Awards US$117-M New Orleans Dredge Contract

The US Department of Defense informs that it has awarded Boh Bros. Construction Co., LLC, New Orleans, Louisiana, a US$116,956,672 firm-fixed-price contract with

Navy CNO Sets Out Annual 'Navigation Plan'

The Navy's top leader has released a detailed plan that highlights the U.S. Navy's intended track and investments for the next 5 fiscal years, informs Chief of Naval Operations Public Affairs.

Shipbuilding

Bid to Rescue Clyde Shipbuilder Ferguson

Jim McColl, one of Scotland's richest men, has tabled a bid to rescue collapsed Clyde shipbuilder Ferguson and aims to return the yard to its former glory by creating hundreds of jobs,

US’ Largest Floating Drydock Heads to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Country’s Largest Floating Drydock Coming to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Ship Repair & Conversion

US’ Largest Floating Drydock Heads to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Country’s Largest Floating Drydock Coming to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

MN 100: Conrad Shipyard

1501 Front Street Morgan City, LA 70380 Telephone: 985 384 3060 E-Mail: rasampey@conradindustries.com Website: www.conradindustries.com CEO/President: Johnny Conrad Number of Employees: 1,

Ship Sales

TMT CEO Files $100m IP Suit Over Vessel Sale

Hsin-Chi Su, Chairman and CEO of Today Makes Tomorrow Group (TMT) launched a suit in Texas federal court on July 28, 2014, alleging that a planned bankruptcy sale of three company ships, including M.

The World's Most Expensive Jones Act Tanker

The series highlighting the world's most expensive active vessels from online ship intelligence and information service VesselsValue.com focuses this week on the most expensive tanker vessel,

UK's Condor Buys Austal 102 Fast Ferry

Condor Ferries says it has completed purchase of the Austal 102, a state-of -the-art high speed ferry which will operate between the Channel Islands and the UK.

People in the News

Bid to Rescue Clyde Shipbuilder Ferguson

Jim McColl, one of Scotland's richest men, has tabled a bid to rescue collapsed Clyde shipbuilder Ferguson and aims to return the yard to its former glory by creating hundreds of jobs,

400 Migrants Rescued by USCG & RBDF

Coast Guard crews and Royal Bahamian Defence Force (RBDF) rescued more than 400 Haitians illegally migrating in three separate at sea interdictions in the span of 11 days.

Navy CNO Sets Out Annual 'Navigation Plan'

The Navy's top leader has released a detailed plan that highlights the U.S. Navy's intended track and investments for the next 5 fiscal years, informs Chief of Naval Operations Public Affairs.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Repair Ship Simulators Sonar
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: 0.2228 sec (4 req/sec)