LONDON — BAE Systems has agreed to acquire Marine Hydraulics International in a $69 million deal that will boost the British-based company’s U.S. maritime repair and upgrade business.
Privately owned MHI operates shipyard, pier and waterfront facilities near the huge U.S. Navy base in Norfolk, Va.. BAE said in a statement that subject to regulatory approvals, it expects to close the deal in the first quarter of next year.
MHI employs about 400 people offering repair, overhaul and conversion capabilities to the U.S. Navy and other customers. The operation becomes part of BAE’s ship repair business in the U.S.
Prior to the acquisition of MHI, BAE’s U.S. maritime operation acquired Atlantic Marine in a 2010 deal worth $352 million as part of its strategy to boost a ship repair business that now employs more than 5,000 people at yards from Hawaii to Florida.