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BAE Systems to acquire Marine Hydraulics

By BFN News | 02:24 PM | Thursday 15 November, 2012

BAE Systems has agreed to acquire Marine Hydraulics International which operates a shipyard, pier and waterfront facilities in Norfolk, Virginia, from American Maritime Holdings for $69m Marine Hydraulics International is a marine repair, overhaul and conversion company that had sales of $113m in 2011. The company employs approximately 400 people supporting the US Navy and other maritime customers and would be integrated with the BAE Systems Ship Repair business. The proposed acquisition is conditional, among other things, upon receiving certain regulatory approvals, and is expected to close during the first quarter of 2013. At 2:24pm: (LON:BA.) BAE Systems share price was -0.7p at 305.5p Story provided by