ARLINGTON, Va., May 19 (UPI) -- Defense company BAE Systems says it will acquire Atlantic Marine Holding Co.'s Florida, Mississippi and Alabama facilities in a strategic expansion move.
Atlantic Marine, a privately held JFL-AMH Partners company, offers maintenance, repair and overhaul support for ships among other services. BAE signed an agreement to purchase the Atlantic Marine facilities as part of an ongoing effort to address evolving service requirements of the U.S. Navy.
The $352 million deal, which does not include Atlantic Marine's facilities in Boston or Philadelphia, will place the company's Florida, Mississippi and Alabama sites under BAE's Ship Repair business unit.
"The acquisition of Atlantic Marine's operations, highly skilled workforce, and marine fabrication capabilities will enhance BAE Systems' ability to serve customers in the naval support and upgrade sector," Linda Hudson, BAE Systems president and chief executive officer, said in a statement.
BAE additionally suggesting the acquisition is part of a larger push by the company to strengthen its presence to meet U.S. Navy home-porting strategies.
