BAE Systems Announces Agreement to Acquire Marine Hydraulics International
NORFOLK, Va. -- November 15, 2012
BAE Systems today announced that it has entered into a definitive agreement
with American Maritime Holdings, Inc. to acquire Marine Hydraulics
International, Inc. (“MHI”), a privately held company that operates a
shipyard, pier and waterfront facilities in Norfolk, Virginia. The proposed
acquisition would complement BAE Systems’ support to its customers with
enhanced readiness and sustainment maritime services.
MHI is a marine repair, overhaul, and conversion company serving the U.S.
Navy, Military Sealift Command, Maritime Administration and commercial ship
owners and operators worldwide. The company employs approximately 400 people
and would be integrated with the BAE Systems Ship Repair business.
“This acquisition is fully aligned with our business strategy to continue to
grow in the maritime industry by enhancing our efficiencies and breadth of
capabilities, which is consistent with our global strategy to deliver value to
our customers with cost-effective solutions,” said Bill Clifford, president,
BAE Systems Ship Repair. “The proposed addition of MHI’s operations and highly
skilled workforce would strengthen our ability to serve both military and
commercial customers in the repair, maintenance and modernization sectors of
the naval support and upgrade market.”
BAE Systems Ship Repair is a leading non-nuclear ship repair, modernization,
and overhaul business, which serves the U.S. Navy and other government
agencies, as well as commercial, private and government customers. BAE Systems
Ship Repair offers a highly skilled and experienced workforce of more than
5,000 employees, dry docks and pier space, and ship support services across
strategic locations inNorfolk, Virginia; San Diego and San Francisco,
California; Jacksonville and Mayport, Florida; Mobile, Alabama; and Pearl
The proposed acquisition is conditional, among other things, upon receiving
certain regulatory approvals, and is expected to close during the first
quarter of 2013.
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