MAY 22, 2014—Already a major regional shipbuilding, repair and fabrication powerhouse in the Pacific Northwest, Vigor Industrial will expand its operations with the recent acquisition of Oregon Iron Works, Portland, OR. Under the terms of the deal, Oregon Iron Works will become a wholly owned subsidiary of Vigor.
Vigor said the combined company will create “the critical mass of innovation, infrastructure and financial strength needed to pursue even more complex projects, enter new markets and win more work than either could separately.”
Terry Aarnio, Oregon Iron Works’ Chairman of the Board, said that his company has been “looking for ways to evolve to the next level and compete in a broader market spectrum.”
OIW’s unique fabrication abilities combined with Vigor’s shipbuilding, heavy lifting and marine launch capabilities will allow the company to complete large-scale, complex projects that neither company could do alone.
“This combination positions the company to meet upcoming demand from various industrial and marine sectors,” said Vigor CEO and Owner Frank Foti. “Not only will diversification allow us to better weather the ups and downs of the marine industry, incorporating good fabrication genetics from non-marine sectors is great way to achieve world-class shipbuilding standards in the U.S.”
Once the merger is finalized at the end of June, Vigor will employ about 2,300 people in Alaska, Oregon and Washington.