ARLINGTON, Va. --- 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 $352 million.
The acquired Atlantic Marine operations at Mayport and Jacksonville, Florida; Moss Point, Mississippi; and Mobile, Alabama, employ approximately 1,000 people and will become known as BAE Systems Southeast Shipyards. This new business provides vessel maintenance, repair, overhaul, and conversion; marine fabrication; and ship construction services.
“BAE Systems Southeast Shipyards will complement our existing ship repair, maintenance, and modernization capabilities to further serve the U.S. Navy and other maritime customers," said Bill Clifford, president of BAE Systems Ship Repair. “We are proud to welcome the highly skilled men and women of Atlantic Marine to BAE Systems. Together, we’ll continue to provide cost-effective solutions to meet our customers’ evolving requirements.”
The acquisition is consistent with BAE Systems’ strategy to address anticipated growth in readiness and sustainment activity within its home markets. The addition of BAE Systems Southeast Shipyards will enhance the company’s ability to support current and future U.S. Navy home-porting strategies and broaden its customer base.
BAE Systems is a global defense, security and aerospace company with approximately 107,000 employees worldwide. The Company delivers a full range of products and services for air, land and naval forces, as well as advanced electronics, security, information technology solutions and customer support services. In 2009 BAE Systems reported sales of £22.4 billion (US$ 36.2 billion). (ends)
BAE Systems Completes Acquisition of Atlantic Marine