HII Expands Shipbuilding Capacity, Announcing Intent to Acquire South Carolina Advanced Metal Fabricator Assets and Workforce
NEWPORT NEWS, Va., Dec. 04, 2024 (GLOBE NEWSWIRE) -- HII (NYSE:HII) announced today that it has entered into a definitive agreement to acquire substantially all of the assets of W International SC, LLC and Vivid Empire SC, LLC (collectively "W International"), a South Carolina-based complex metal fabricator specializing in the manufacture of shipbuilding structures, modules and assemblies.
Upon completion of the transaction, the manufacturing facility in Goose Creek, South Carolina, will operate within HII's Newport News Shipbuilding (NNS) division. The site will support the construction of nuclear-powered submarine and aircraft carrier modules and structures for U.S. Navy programs. Substantially all current employees will be offered positions with HII to continue to work on site.
"HII is committed to increasing build rates for our Navy customer, and this investment in capacity alongside the Navy will help us do that," HII President and CEO Chris Kastner said. "It lets us efficiently add trained talent and state-of-the-art manufacturing capabilities to the urgent job of building ships, making it a unique opportunity to accelerate throughput at Newport News Shipbuilding in support of the Navy and AUKUS."
A photo accompanying this release is available at: https://hii.com/news/hii-expands-shipbuilding-capacity-announcing-intent-to-acquire-south-carolina-advanced-metal-fabricator-assets-and-workforce/.
The acquired assets include advanced production facilities with state-of-the-art equipment, tooling and infrastructure used to fabricate complex metal modules and structures, and are located on a leased 45-acre site with more than 480,000 square feet of manufacturing space. The site has barge and rail access, and is strategically located near Charleston, in a region with a rapidly growing shipbuilding ecosystem and highly skilled trades workforce.
The facility in Goose Creek will be known as Newport News Shipbuilding - Charleston Operations, operating within HII's Newport News Shipbuilding division.
Current NNS Vice President and Chief Transformation Officer Matt Needy will become general manager of the site. NNS is the nation's designer, builder and refueler of nuclear-powered aircraft carriers and one of only two shipyards capable of designing and building nuclear‐powered submarines.
The transaction is expected to close in the fourth quarter of 2024, subject to the satisfaction of certain closing conditions, including receipt of regulatory approvals and required contractual modifications from our Navy customer and other third parties.
About HII
HII is a global, all-domain defense provider. HII's mission is to deliver the world's most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.
As the nation's largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII's workforce is 44,000 strong. For more information, visit:
- HII on the web: https://www.HII.com/
- HII on Facebook: https://www.facebook.com/TeamHII
- HII on X: https://www.twitter.com/WeAreHII
- HII on Instagram: https://www.instagram.com/WeAreHII
Cautionary Statement Regarding Forward-Looking Statements
Statements in this release, other than statements of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," "guidance," "projections," "outlook," and similar words or phrases or the negative of these words or phrases generally identify these forward-looking statements. Forward-looking statements include, among other things, statements relating to the Company's future financial condition, results of operations or cash flows, expected benefits of the proposed transaction and the timing of the proposed transaction. Forward-looking statements are based upon assumptions, expectations, plans and projections that we believe to be reasonable when made, but which may change over time. These statements are not guarantees of future performance and inherently involve a wide range of risks and uncertainties that are difficult to predict. Specific risks that could cause actual results to differ materially from those expressed or implied in these forward-looking statements include, but are not limited to: those discussed in this release; those identified under "Risk Factors" and other important factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 and from time to time in our other filings with the SEC; the possibility that the closing conditions of the proposed transaction may not be satisfied on a timely basis, or at all; the possibility that regulatory approvals required for the proposed acquisition may not be obtained on acceptable terms, on the anticipated schedule, or at all; the risk that closing of the proposed acquisition may not occur or may be delayed; the possibility that anticipated benefits of the proposed acquisition may not be realized or may take longer to realize than expected; There may be other risks and uncertainties that we are unable to predict at this time. You are urged to consider the limitations on, and risks associated with, forward-looking statements and not unduly rely on the forward-looking statements including the accuracy thereof. Forward-looking statements are based on information, plans and estimates as of the date they are made and there may be other factors that may cause actual results to differ materially from these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by applicable law.
Contacts:
Danny Hernandez
202-264-0588
[email protected]
Todd Corillo
(757) 688-3220
[email protected]
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/34785ca8-3bb6-4584-a283-f0ca7e91f053
