Avondale Plans Purchase Of Lockheed Shipbuilding's Gulfport Marine Division

Avondale Industries, Inc., New Orleans, La., has signed a letter of intent for the purchase of Lockheed Shipbuilding Company's Gulfport Marine Division, Gulfport, Miss.

The purchase price has been set at $21,000,000.

At present, the Gulfport facility has U.S. Navy contracts to construct nine Landing Craft, Air Cushion (LCAC) vessels with a backlog of about $115,000,000 extending through 1991. Avondale intends to continue to produce the LCACs at the existing Gulfport facility.

The transfer of ownership is expected to be completed sometime this month if it is approved by the Government and both companies' boards of directors.

If approved, the Gulfport acquisition would further enhance Avondale's stated intention to be a significant factor in the boat construction market.

Avondale Industries serves the marine, defense and industrial sec tors. The divisions of the company build and repair ships and boats, offshore oil platforms and bridges, operate a steel service center and produce steel castings and a variety of industrial fabrications.

For free literature on the shipbuilding and ship-repairing services offered by Avondale, Circle 35 on Reader Service Card

Maritime Reporter Magazine, page 42,  Mar 1988 Eldec Corporation

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.