Huntington Ingalls Industries to Explore Opportunities for Avondale
Redevelopment With Kinder Morgan Energy Partners
NEWPORT NEWS, Va., April 11, 2014 (GLOBE NEWSWIRE) -- Huntington Ingalls
Industries (NYSE:HII) announced today it will conduct a study with Kinder
Morgan Energy Partners, L.P. (NYSE:KMP) to explore redeveloping Huntington
Ingalls Industries' Avondale shipyard in Louisiana.
Since the July 2010 announcement to close Avondale, HII has aggressively
sought a strategic solution to redevelop the facility. The study will explore
and evaluate best-use opportunities for the facility. Once the study is
completed and a determination has been made for an economically viable, best
use of the facility, HII and Kinder Morgan Energy Partners may pursue the
formation of a joint venture to re-purpose the Avondale site.
Avondale's location on the Mississippi River offers unparalleled access to
major markets by truck, rail and sea, making it attractive for many uses.
Huntington Ingalls Industries designs, builds and maintains nuclear and
non-nuclear ships for the U.S. Navy and Coast Guard and provides after-market
services for military ships around the globe. For more than a century, HII has
built more ships in more ship classes than any other U.S. naval shipbuilder at
its Newport News Shipbuilding and Ingalls Shipbuilding divisions. Employing
more than 38,000 in Virginia, Mississippi, Louisiana and California, HII also
provides a wide variety of products and services to the commercial energy
industry and other government customers, including the Department of Energy.
For more information about HII, visit:
*HII on the web: www.huntingtoningalls.com
*HII on Facebook: www.facebook.com/HuntingtonIngallsIndustries
*HII on Twitter: twitter.com/hiindustries
Statements in this release regarding our plans and expectations constitute
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements involve risks and
uncertainties that could cause our actual results to differ materially from
those expressed in these statements. Factors that may cause such differences
include future developments that could impact our decisions regarding Avondale
and other risk factors discussed in our filings with the U.S. Securities and
Exchange Commission. There may be other risks and uncertainties that we are
unable to predict at this time or that we currently do not expect to have a
material adverse effect on our business, and we undertake no obligations to
update any forward-looking statements. You should not place undue reliance on
any forward-looking statements that we may make.
CONTACT: Beci Brenton
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