Linda Hudson News

Plans to convert the century-old Port of Fort Pierce into a repair and refit facility for the global fleet of megayachts and large sailing yachts are moving full speed ahead.After a lengthy permitting and review process, Derecktor Shipyards has been granted approval from the U.S. Army Corps of Engineers, U.S. Fish and Wildlife Service, Florida Department of Environmental Protection, St. Lucie County Board of County Commissioners and the City of Fort Pierce to begin construction of its newest shipyard – Derecktor Ft.

Linda Hudson, 
President and CEO
 of BAE Systems, Inc. said she has been told that little legislative progress had been made so far, and voiced her concern over the impact a lengthy shutdown could have on businesses, and the families, communities and customers that depend on them. "Thank you for all your comments on my blog during the past week. Despite the widely varying political views expressed, two things are obvious. There is a great deal of frustration regarding our elected officials’ unwillingness to work together productively to end this shutdown…

Linda P. Hudson, president and CEO of BAE Systems, Inc. since 2009, has announced her plan to retire from the company following a distinguished career in the defense industry. To ensure a seamless transition, Hudson has agreed to remain in post through the first quarter 2014. At that time, she will also step down from her positions as executive director of the BAE Systems plc Board and as a member of the Company’s Executive Committee. She will remain on the BAE Systems, Inc. Board as an outside director through April 2015. Hudson, 62, joined BAE Systems, Inc.

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.

General Dynamics and Advanced Technical Products, Inc. today entered into a definitive agreement for General Dynamics to acquire all 5.89 million outstanding shares of Advanced Technical Products (ATP) for a cash purchase price of $33.50 per share. In addition, General Dynamics would assume approximately $36.2 million of ATP's net debt and retire approximately $16.2 million in ATP stock options, bringing the transaction's value to approximately $250 million. The acquisition would be immediately accretive to General Dynamics' earnings. ATP closed at $28.53 in yesterday's trading. The proposed transaction, unanimously approved by the boards of directors of both companies, is subject to ATP shareholder and regulatory approval and customary closing conditions.