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December 12, 2003

CMMC to buy Charleston shipyard property

The future of ship repair at the former Charleston Naval Shipyard looks to be assured--and the way is open for possible future expansion into activities such as fabrication of double skinned oil barges.

Earlier this week, the South Carolina Budget and Control Board approved transfer of the ownership of the 97.6 acre complex to the city of North Charleston. The city is now required to sell the property to tenant CMMC LLP, which has a 30 year lease on the property with an option to buy. North Charleston retains a 20 year option to buy should the property be used as anything other than an industrial park.

CMMC, whose tenants include Detyens Shipyards, Inc., now intends to improve the property and look for opportunities to expand ship repair and other industrial operations on the site, according to president Dick Gregory.

Prior to founding and becoming president of CMMC, in which Detyens and Metal Trades, Inc., also have an interest, Gregory served as General Manager of Electric Boat's Charleston nuclear submarine facility.

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