Page 6: of Maritime Reporter Magazine (December 15, 1981)

Sun Company, Levingston

Sign Letter Of Intent

For Pa. Shipyard Sale

The Sun Company, Inc., an- nounced recently that it has signed a letter of intent for the sale of the assets of its Sun Ship subsidiary of Chester, Pa., to Lev- ingston Shipbuilding Company,

Orange, Texas. Terms of the transaction were not disclosed.

Levingston is a privately held company that operates two ship- yards in Texas and a marine en- gineering facility in Annapolis,

Md. It has been in the shipbuild- ing and ship repair business since 1933, with yards in Port Arthur and Orange, Texas.

Edward E. Paden, chief exec- utive officer of Levingston, said: "Our firm is approaching this proposed transaction with a great deal of excitement and enthusi- asm. Right now we have more business than we can accommo- date 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 tal- ented people of Sun Ship on such a program to the benefit of the whole area."

Sun chairman Theodore A.

Burtis said: "We have consist- ently said that a sale of Sun Ship would be made to a party with three key attributes: credibility in the shipbuilding and ship re- pair business; the financial re- sources needed to compete suc- cessfully 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 con- ditional upon reaching a defini- tive agreement, obtaining appro- priate government approvals, and the negotiation of labor agree- ments with the Sun Ship labor unions that are acceptable to

Levingston.

Award GE $9.9-Million

Contract Modification

For Nuclear Components

General Electric Company, Ma- chinery Apparatus Operation,

Schenectady, N.Y., has been awarded a $9,965,000 modifica- tion to a previously awarded cost- plus-fixed-fee contract for naval nuclear propulsion components.

The work will be performed at various places. The Naval Sea

Systems Command, Washington,

D.C., is the contracting activity. (N00024-74-C-5128)

American Steamship Names

D. Ward Fuller As Its

Chief Operating Officer

D. Ward Fuller

Ward Fuller, executive vice president of American Steamship

Company, Buffalo, N.Y., has been given the additional responsibil- ity of chief operating officer, it was announced recently by Thom- as W. Burke, president and chief executive officer of the GATX subsidiary company.

Mr. Fuller joined American

Steamship in 1977 as special as- sistant to the chairman, and was elected vice president-finance in 1978, and vice president-market- ing in 1979. Prior to joining

American Steamship, Mr. Fuller was corporate treasurer for

GATX Leasing Corporation in

San Francisco. He was assistant vice president world banking group, Bank of America, from 1973 to 1975, and maintained a private law practice between 1970 and 1973.

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