July 14, 2010
BAE Systems Southeast Shipyards up and running
BAE Systems has completed its acquisition of Atlantic Marine Holding Company (Atlantic Marine) after receiving all necessary U.S. regulatory approvals.
On May 18, the company announced its definitive agreement to acquire Atlantic Marine from JFL-AMH Partners, LLC, a portfolio company of the private-equity firm J.F. Lehman & Company, for a cash consideration of $352 million.
The acquired Atlantic Marine operations at Mayport and Jacksonville, Florida; Moss Point, Mississippi; and Mobile, Alabama, employ approximately 1,000 people and will become known as BAE Systems Southeast Shipyards. This new business provides vessel maintenance, repair, overhaul, and conversion; marine fabrication; and ship construction services.
"BAE Systems Southeast Shipyards will complement our existing ship repair, maintenance, and modernization capabilities to further serve the U.S. Navy and other maritime customers," said Bill Clifford, president of BAE Systems Ship Repair. "We are proud to welcome the highly skilled men and women of Atlantic Marine to BAE Systems. Together, we'll continue to provide cost-effective solutions to meet our customers' evolving requirements."
Meantime, the two Atlantic Marine yards that BAE Systems did not acquire from JFL-AMH Partners are now being operated by North East Ship Repair, Inc. as Boston Ship Repair and Philadelphia Ship Repair.