Sun Company, Levingston Sign Letter Of Intent For Pa. Shipyard Sale
The Sun Company, Inc., announced recently that it has signed a letter of intent for the sale of the assets of its Sun Ship subsidiary of Chester, Pa., to Levingston Shipbuilding Company, Orange, Texas. Terms of the transaction were not disclosed.
Levingston is a privately held company that operates two shipyards in Texas and a marine engineering facility in Annapolis, Md. It has been in the shipbuilding and ship repair business since 1933, with yards in Port Arthur and Orange, Texas.
Edward E. Paden, chief executive officer of Levingston, said: "Our firm is approaching this proposed transaction with a great deal of excitement and enthusiasm.
Right now we have more business than we can accommodate at our Texas facilities, and the opportunity to expand with a major facility in Chester, Pa.
is an excellent fit with our future growth plans.
"I am convinced that under our management, we can build a thriving business in southeastern Pennsylvania, and I'm looking forward to joining with the talented people of Sun Ship on such a program to the benefit of the whole area." Sun c h a i r m a n Theodore A.
Burtis said: "We have consistently said that a sale of Sun Ship would be made to a party with three key attributes: credibility in the shipbuilding and ship repair business; the financial resources needed to compete successfully in that business; and, most crucial, a commitment to maintaining a healthy, ongoing business in Chester. Levingston meets all of those requirements." Sun said that the sale was conditional upon reaching a definitive agreement, obtaining appropriate government approvals, and the negotiation of labor agreements with the Sun Ship labor unions that are acceptable to Levingston.
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