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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
