HII Enhances Shipbuilding with Strategic Acquisition

Deal News | Jan 27, 2025 | Globenewswire

HII Enhances Shipbuilding with Strategic Acquisition

In a significant move to expand its shipbuilding capacity, HII has closed on the acquisition of an advanced manufacturing facility in South Carolina. The company aims to enhance its Newport News Shipbuilding operations to support U.S. Navy programs such as nuclear-powered submarine modules and aircraft carrier units. Following the acquisition, more than 99% of the legacy workforce joined HII, and the company plans to create hundreds of additional jobs, indicating a broader growth strategy. The newly acquired 45-acre site features cutting-edge manufacturing space and access to essential transport links like barge and rail, strategically positioning HII in the burgeoning Charleston shipbuilding ecosystem. State leaders, including U.S. Senators Lindsey Graham and Tim Scott, have praised this move as a powerful contribution to South Carolina's economy and national security. HII, as a global defense provider with extensive experience in shipbuilding, is poised to scale its operations significantly through this transaction.

Sectors

  • Shipbuilding
  • Defense

Geography

  • United States – The acquisition and subsequent operations are based in South Carolina, US, and involve enhancing production capabilities for the U.S. Navy.
  • South Carolina – The specific state where HII's newly acquired facility is located, illustrating regional economic impact.

Industry

  • Shipbuilding – The article is centered around HII's efforts to increase shipbuilding capacity through the acquisition of a facility in South Carolina.
  • Defense – HII is a key player in the defense sector, providing military shipbuilding services for national security purposes.

Financials

    Participants

    NameRoleTypeDescription
    HIIAcquirerCompanyHII, a leading military shipbuilding company, acquiring assets to expand its shipbuilding capacity.
    Newport News ShipbuildingDivisionCompanyA division of HII that will benefit from the expanded capabilities due to the acquisition.
    U.S. NavyClientGovernmentThe customer for whom HII is expanding shipbuilding capacity to meet defense needs.
    Senator Lindsey GrahamAdvocatePersonU.S. Senator from South Carolina, supporting and commenting on the economic impact of the acquisition.
    Senator Tim ScottAdvocatePersonU.S. Senator from South Carolina, emphasizing the national security benefits of the acquisition.