BAE Systems‘ U.S. subsidiary has agreed to acquire the Norfolk, Va.-based ship repair firm Marine Hydraulics International from American Maritime Holdings, BAE announced Thursday.
Terms of the deal were not disclosed and BAE expects to close the transaction during the first quarter of 2013, pending regulatory approval.
BAE said it will integrate the company’s nearly 400 employees into its ship repair division.
“This acquisition is fully aligned with our business strategy to continue to grow in the maritime industry, ” said Bill Clifford, BAE’s president of ship repair.
Clifford added the company wants the acquisition to expand business with military and commercial customers in the repair, maintenance and modernization sectors of the naval support and upgrade market.
MHI repairs, overhauls and converts ships for the U.S. Navy, Military Sealift Command, Maritime Administration and commercial ship owners and operators worldwide.
General Dynamics (NYSE: GD) announced in July it agreed to acquire Earl Industries‘ ship repair and coatings division, which would add two East Coast ports to General Dynamics’ NASSCO subsidiary.