Todd to buy shipyard in Everett

Todd Shipyards Corp. announced Monday that it will buy the assets of for an undisclosed amount.

Seattle-based Todd (NYSE: TOD), which operates Todd Pacific Shipyards, will continue to run the Everett shipyard through a subsidiary.

The Everett yard does mostly pierside work for Washington State Ferries and other customers at two facilities in the Port of Everett north of Seattle, while Todd Pacific performs drydock repairs in Seattle for customers ranging from the U.S. Navy and Coast Guard to large commercial shipowners. 'Basically, this will not have any effect on the work of Todd Pacific Shipyards or on that of the Everett shipyard,' said Todd General Counsel Mike Marsh. 'It's just basically an ownership change.' Todd is acquiring the Everett yard from longtime owners the Eitel family, Marsh said. The transaction includes capital funds to purchase and improve a 1,000-ton dry dock that was recently added to the Everett firm's operations, allowing Everett to compete in a broader market of marine repair and overhaul opportunities.

The transaction is expected to close Feb. 15, pending various conditions, including the consent of the landlord Port of Everett. The Everett facilities will continue to operate with the present employees and as a union yard, Todd officials said, without changes in the collective bargaining agreement with the International Brotherhood of Boilermakers, Local 104, and the United Brotherhood of Carpenters, Local 1184.

Source:RamblerNews