Titan Acquires HII's San Diego Shipyard
One the United States' largest fleet service and ship repair sites is changing hands.Ship repair and commercial- and defense-related fabrication services provider Titan Acquisition Holdings announced on Wednesday it has reached a deal to acquire San Diego Shipyard from Huntington Ingalls Industries (HII). Financial terms were not disclosed. The transaction, expected to close in the second quarter, is subject to customary closing conditions.The San Diego Shipyard, formerly Continental Maritime of San Diego…
Vigor, MHI Acquired and Merged
In one a dramatic U.S. shipbuilding and repair move it was announced today that The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital Management signed a definitive agreement to acquire and merge Vigor Industrial LLC, an infrastructure, defense, and maritime services company based in Portland, Oregon, and MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Virginia.The transaction, subject to customary closing conditions…
United Defense to Acquire United States Marine Repair
United Defense Industries announced that it has agreed to acquire closely held United States Marine Repair, Inc., a provider of non-nuclear ship repair, modernization, overhaul and conversion services to the United States Navy, for $316 million. Based in Norfolk, Va., United States Marine Repair serves defense and commercial customers at six strategically located ship repair operations in the major ports of Norfolk, Va.; San Diego, San Francisco and San Pedro, Calif.; Pearl Harbor, Hawaii; and Ingleside, Texas. In addition to the company's primary customer, the U.S. Navy, its current customers include the Military Sealift Command, the U.S. Army, the Maritime Administration, the U.S. Coast Guard, and commercial cruise lines such as Holland-America and Royal Caribbean.
United Defense Completes Acquisition of United States Marine Repair
United Defense Industries announced that it has completed its acquisition of United States Marine Repair, Inc. for $316 million to expand its services for the U.S. Navy. United Defense financed the acquisition by amending its existing credit facility to borrow an additional $300 million, and using cash on hand for the balance. "This acquisition expands our vital mission to support the U.S. Navy with superior technology and services. It's also a strategic growth platform because Naval ship modernization is a national defense priority," said United Defense President and Chief Executive Officer Tom Rabaut. Rabaut reiterated that he expects the acquisition to be accretive to earnings in the second half of 2002 in the range of approximately 5 to 10 percent annually.
