BAE Systems has agreed to buy Marine Hydraulics International, based in the US, for $69m in cash.
Marine Hydraulics International is a marine repair, overhaul and conversion company that had sales of $113m in 2011. It employs approximately 400 people supporting the US Navy and other maritime customers and would be integrated with the BAE Systems Ship Repair business.
It looks like a very good fit as BAE Systems Ship Repair, based in the US, is America's leading provider of non-nuclear ship repair, modernization, conversion, and overhaul for government and commercial customers.
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The proposed acquisition is conditional, among other things, upon receiving certain regulatory approvals, and is expected to close during the first quarter of 2013.
CM
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