Huntington Ingalls Industries ( NYSE : HII ) announced nowadays that its Technical Solutions business has entered into an agreement to contribute its San Diego Shipyard to Titan Acquisition Holdings, a company comprised of Vigor Industrial and MHI Holdings. Titan is controlled by majority owner the Carlyle Group and Stellex Capital Management. After the transaction, HII will hold a minority interest in Titan .
The San Diego Shipyard acquisition creates opportunities to better serve key refutation customers, economies of scale, expanded oscilloscope, and performance optimization, says Titan, whose current key customers include the U.S. Navy, U.S. Coast Guard, Military Sealift Command, the U.S. Army, Boeing, and non-defense and commercial customers including department of state and local ferry systems .
The transaction is subject to accustomed shutting conditions and close is expected in the second base one-fourth of the year. fiscal terms were not disclosed .
“ We are excited to add the San Diego Shipyard to our already strongly positioned and growing enterprise. The opportunity to add the San Diego Shipyard to our family of companies is a natural step in our development given its strategic placement and wealth of talented employees, ” said Jim Marcotuli, CEO and President of Titan. “ We look ahead to sharing best practices and leveraging our collective assets to improve overhaul to our valued customers. ”
“ Titan is a excellent organization with a strong reputation in the ship repair and sustenance market, ” said Andy Green, Executive Vice President HII and President, HII Technical Solutions. “ We believe this transaction will enable us to leverage complemental capabilities, capacity and facilities to improve efficiencies and better serve the needs of our U.S. Navy customer. ”
Tom Rabaut, Chairman of Titan, said, “ We are thrilled to announce this agreement to acquire the San Diego Shipyard. Our goal is aimed at creating a stronger caller of scale, adequate to of providing differentiated, coast-to-coast services to the U.S. Navy, U.S. Army and other defense, infrastructure, and nautical customers. Titan is well positioned with our singular, national assets to grow in the highly attractive ship haunt and lying markets, supported by compelling sector dynamics. The San Diego Shipyard is a great addition to the administration. ”
The San Diego Shipyard, once continental Maritime of San Diego, encompasses 14 acres of down and 17 acres of body of water area on San Diego Bay. San Diego Shipyard is a division of Huntington Ingalls Technical Solutions Fleet Support Group and provides shipfitting, weld, pipefitting, machinery, repair, marine electric haunt and facility, sheet alloy compensate and fabrication, boiler animate and preservation services to customers .
