Acquisition

RNS Number : 2485R

BAE SYSTEMS PLC

15 November 2012

 



BAE Systems - Agreement to acquire Marine Hydraulics International

15 November 2012

BAE Systems has entered into a definitive agreement with American Maritime Holdings, Inc. to acquire Marine Hydraulics International, Inc., a privately held company that operates a shipyard, pier and waterfront facilities in Norfolk, Va., for cash consideration of approximately $69 million.

Marine Hydraulics International is a marine repair, overhaul and conversion company that had sales of $113 million in 2011.  The company employs approximately 400 people supporting the US Navy and other maritime customers and would be integrated with the BAE Systems Ship Repair business.

The proposed acquisition is conditional, among other things, upon receiving certain regulatory approvals, and is expected to close during the first quarter of 2013. 

Issued by:

BAE Systems plc

London

 

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