BAE Systems to buy Atlantic Marine in $352m deal

Atlantic Marine is a privately held vessel maintenance, repair, overhaul and conversion, marine fabrication and ship construction services provider with operations at Mayport and Jacksonville, Fla.; Moss Point, Miss. and Mobile, Alabama.

The Mobile facility has carried out a number of cruise ship refurbishments, and the Jacksonville yard built sisters Cape May Light and Cape Cod Light.

The acquisition does not include Atlantic Marine’s Boston and Philadelphia operations, which will be retained by JFL-AMH Partners.

The acquisition will be funded from BAE Systems’ existing cash resources.

Acquiring Atlantic Marine will enhance BAE Systems’ ability to serve customers in the naval modernization and upgrade area, said Linda Hudson, president and ceo of BAE Systems.

Atlantic Marine employs approximately 1,000 people and will become part of BAE Systems’ Ship Repair business.

The deal is conditional on receiving certain US regulatory approvals and is expected to close in the third quarter of 2010.