The Manitowoc Company Wisconsin, US) announced that it has signed an agreement to purchase Marinette Marine Corporation for approximately $48.0 million as part of an all-cash transaction. Marinette Marine operates one of the largest shipyards on the U.S. Great Lakes. A privately held corporation, Marinette has revenues of approximately $100 million.
The company is currently under contract to build six ocean-going buoy tenders for the United States Coast Guard, as well as two 269-foot APL barracks barges for the U.S. Navy. Marinette Marine presently employs more than 800 individuals and features complete in-house capabilities for all shipbuilding disciplines.
"Marinette Marine is one of the most efficient builders of mid-sized commercial, research, and military vessels in the country and will be a key strategic fit with the industry-leading inspection, maintenance, repair, and new-construction facilities that comprise Manitowoc Marine Group," stated Terry D. Growcock, Manitowoc's president and chief executive officer. "Together, the combined organization forms a combination that will not only have a significant presence on the Great Lakes, but will be one of the most cost-effective shipbuilding and repair organizations in the entire United States.
For further information: Glen E. Tellock, Tel: (920) 683-8122