BAE Systems plans to acquire Marine Hydraulics International Inc., a company that operates a shipyard, pier and waterfront facilities in Norfolk.
MHI has about 400 people and would be integrated with the Norfolk-based BAE Systems Ship Repair business.
The price is about $69 million, according to StockMarketWire, a London-based news service.
“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,” Bill Clifford, president of BAE Systems Ship Repair, said in a statement.
MHI, which is being sold by parent company American Maritime Holdings Inc., is a marine repair, overhaul and conversion company. Its customers include the U.S. Navy, Military Sealift Command, Maritime Administration and commercial ship owners and operators.
BAE Systems Ship Repair has a work force of more than 5,000 employees in Norfolk; San Diego; San Francisco; Jacksonville and Mayport, Fla.; Mobile, Ala.; and Pearl Harbor, Hawaii.
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