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.
Other stories from December 15, 1981 issue
- Veliotis Takes New Post With General Dynamics page: 4
- Sun Company, Levingston Sign Letter Of Intent For Pa. Shipyard Sale page: 6
- American Steamship Names D. Ward Fuller As Its Chief Operating Officer page: 6
- Maher Expands Container Facility, To Install First Paceco Transtainers In N.Y. page: 15
- Kvaerner, Oy Navire To Merge Shipbuilding, Equipment Capabilities page: 15
- Baldt Inc. Develops New Abrasion-Resistant Chain —Brochure Available page: 15
- Kaiser Engineers Awarded Service Contract For Trident Sub Facilities page: 16
- Gulf Oil Announces Exec Assignments For Corporation And Divisions page: 18
- Largest U.S.-Built Hopper Dredge Launched At Avondale Shipyards page: 22
- ASNE Flagship Section Hears Paper On Engineering Costs And Risks page: 22
- DredgeMasters To Acquire Aquamarine Corporation page: 24
- Advanced Marine To Design New Ferryboat page: 24
- Newfoundland's Ocean Cargo Services Seen Expanding With Coming Offshore Oil Boom page: 24
- Soviets Plan Nuclear Powered Merchant Ship, To Be Completed By 1984 page: 25
- Spanish Shipbuilders Assoc. Publishes New Brochure —Copies Available page: 26
- Name John Malagraph General Manager Of Advanced Marine In N.Y. page: 26
- Shell To Provide Bunkering Service At Port Of Mobile —Literature Available page: 27
- Appoint Hession President Of Koehring Clyde, Whirley Crane Producer page: 27
- Name Parks President Of Farrell Lines page: 27
- Todd-Seattle Sponsors Marine Diesel Seminar page: 28
- Norcontrol To Install $3-Million Vessel Traffic System —Literature Available page: 28
- SNAME page: 36
- Moss Rosenberg Verft Develops Energy-Saving LNG Carrier page: 41
- $2.1-Million Title XI Guarantee For Tanker IGS And COW Retrofit page: 41
- SNAME New York Hears Paper On Marine Gas Chemists page: 42
- Utility Vessel M/V Lamnalco Mallard Delivered To Kuwait Service By HUDSHIP page: 42
- SNAME-New England, ASNE Hear Rear Adm. Beecher On Battleship Reactivation page: 42
- Allis-Chalmers Receives $6-Million M u d Pump Order From Wilson page: 43
- $1 -Billion Lube Oil Refinery To Be Constructed In Saudi Arabia page: 43