Huntington Ingalls Industries (NYSE: HII) introduced today that its Technical Solutions organization has actually participated in an arrangement to add its San Diego Shipyard to Titan Acquisition Holdings, a firm consisted of Vigor Industrial and also MHIHoldings Titan is regulated by bulk proprietor the Carlyle Group and alsoStellex Capital Management After the deal, HII will certainly hold a minority passion in Titan.
The San Diego Shipyard purchase develops possibilities to much better offer vital protection consumers, economic climates of range, increased range, and also efficiency optimization, claims Titan, whose present vital consumers consist of the UNITED STATE Navy, UNITED STATE Coast Guard, Military Sealift Command, the UNITED STATE Army, Boeing, and also non-defense and also industrial consumers consisting of state and also regional ferryboat systems.
The deal goes through popular closing problems and also closing is anticipated in the 2nd quarter of the year. Financial terms were not divulged.
“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 evolution given its strategic location and wealth of talented employees,” claimed Jim Marcotuli, Chief Executive Officer and also President ofTitan “We look forward to sharing best practices and leveraging our collective assets to improve service to our valued customers.”
“Titan is a first-class organization with a strong reputation in the ship repair and sustainment market,” claimed Andy Green, Executive Vice President HII and also President, HIITechnical Solutions “We believe this transaction will enable us to leverage complementary capabilities, capacity and facilities to improve efficiencies and better serve the needs of our U.S. Navy customer.”
Tom Rabaut, Chairman of Titan, claimed, “We are thrilled to announce this agreement to acquire the San Diego Shipyard. Our goal is aimed at creating a stronger company of scale, capable of providing differentiated, coast-to-coast services to the U.S. Navy, U.S. Army and other defense, infrastructure, and maritime customers. Titan is well positioned with our unique, national assets to grow in the highly attractive ship repair and fabrication markets, supported by compelling sector dynamics. The San Diego Shipyard is a great addition to the organization.”
The San Diego Shipyard, previously Continental Maritime of San Diego, includes 14 acres of land and also 17 acres of water location onSan Diego Bay San Diego Shipyard is a department of Huntington Ingalls Technical Solutions Fleet Support Group and also offers shipfitting, welding, pipefitting, equipment, fixing, aquatic electric fixing and also setup, sheet steel fixing and also construction, central heating boiler fixing and also conservation solutions to consumers.