By Foo Yun Chee BRUSSELS, Oct 30 (Reuters) - Italy's bid to create a European industrial champion in the shipbuilding industry faces difficulty after EU antitrust regulators said Fincantieri's bid for Chantiers de l'Atlantique would significantly reduce competition. The European Commission said the deal between two global leaders in an already concentrated and capacity … [Read more...]
Carlyle Completes Vigor, MHI Holdings Acquisition
Global investment firm The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital Management today announced they have closed on their acquisition of Portland, Oregon-based Vigor Industrial and Norfolk, Virginia-based MHI Holdings. As part of the agreement, Vigor Industrial LLC, an infrastructure, defense, and maritime services company, will be merged with MHI … [Read more...]
Babcock Wins Frigate Deal as UK Bids to Restore Shipbuilding Industry
By Alistair Smout LONDON, Sept 12 (Reuters) - Babcock International won a contract to design new Type 31 frigates on Thursday as Britain seeks to revive its once-mighty shipbuilding industry. The frigates will be assembled at Babcock's facility in Rosyth, Scotland, and the program will support over 2,500 jobs across the Britain, including its supply chain. The deal will … [Read more...]
NASSCO Awarded Contract to Build More Expeditionary Sea Base Ships for U.S. Navy
General Dynamics NASSCO has been awarded a contract to build up to three more Expeditionary Sea Base ships for the U.S. Navy. The contract, announced Friday by the Department of Defense, calls for the construction two ESBs for $1.08 billion at the company’s San Diego shipyard. It also includes an option for a third vessel that, if exercised, would bring the total contract … [Read more...]
Billionaire Succession Stirs Protest at World’s Largest Shipyard
By Yoojung Lee (Bloomberg) -- Park Jin-ok was one of the first to take voluntary retirement at Hyundai Heavy Industries Co. after working as a welder for the world’s largest shipbuilder for 15 years. Since he left in 2016, he has been joined by some 35,000 workers who quit or lost their jobs at the shipyard in South Korea’s port of Ulsan, in a downturn as dramatic as it was … [Read more...]