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Ship repair business sale called off

Monday - 7/1/2013, 4:32pm  ET

NORFOLK, Va. - A London-based company has terminated an agreement to acquire a Norfolk-based ship-repair company.

The Virginian-Pilot reports (http://bit.ly/15bousS) that BAE Systems PLC made the announcement Monday.

The agreement between American Maritime, the parent of Marine Hydraulics, and BAE had been expected to close during the first quarter of 2013.

The BAE statement says the conditions to closing the November agreement had not been satisfied.

Privately held Marine Hydraulics employs about 400 people. It provides services to the Navy, the U.S. Maritime Administration and others. All of MHI's workforce would have been absorbed into BAE as part of the deal.

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Information from: The Virginian-Pilot, http://pilotonline.com


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