Titan to acquire Huntington Ingalls’ San Diego Shipyard
Titan Acquisition Holdings is to acquire Huntington Ingalls’ San Diego Shipyard under a definitive agreement announced on 12 February.
Titan provides ship repair and commercial and defence-related fabrication services for customers including the US Navy, US Coast Guard, US Military Sealift Command, the US Army and Boeing.
The San Diego Shipyard is one of the largest fleet service and repair sites in the US, located in the nation’s largest navy port on San Diego Bay. The shipyard is a division of Huntington Ingalls Technical Solutions Fleet Support Group and provides shipfitting, welding, pipefitting, machinery, repair, marine electrical repair and installation, sheet metal repair and fabrication, boiler repair and preservation services.
The transaction is subject to customary closing conditions and closing is expected in the second quarter of 2020. Huntington Ingalls will retain a minority interest in Titan.
Tom Rabaut, chairman, Titan, said: ‘We are thrilled to announce this agreement to acquire the San Diego Shipyard. Our goal is aimed at creating a stronger company of scale, capable of providing differentiated, coast-to-coast services to the US Navy, US Army and other defence, infrastructure and maritime customers.
‘Titan is well positioned with our unique, national assets to grow in the highly attractive ship repair and fabrication markets, supported by compelling sector dynamics. The San Diego Shipyard is a great addition to the organisation.’
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