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HII to acquire Hydroid and Establish Alliance with Kongsberg Maritime

Logistic News - Published on Fri, 21 Feb 2020

Image Source: Hydroid Inc Kongsberg Maritime
Huntington Ingalls Industries said that it has entered into an agreement to acquire Hydroid Inc, a leading provider of advanced marine robotics to the defense and maritime markets and a US based indirect subsidiary, wholly owned by Kongsberg Maritime. In conjunction with the transaction, HII and Kongsberg Maritime are also establishing a strategic alliance to jointly market naval and maritime products and services to the US government market and potentially to global markets.

Hydroid, based in Pocasset, Massachusetts, will become part of HII’s Technical Solutions division. The acquisition of Hydroid expands HII capabilities in the strategically important and rapidly growing autonomous and unmanned maritime systems market. The transaction is subject to regulatory review and customary closing conditions and is expected to close in the first quarter of 2020. The value of the transaction is $350 million, which will be effectively reduced by tax benefits that are preliminarily valued over $50 million, to be received by HII.

The strategic alliance between HII and Kongsberg Maritime leverages the companies’ combined capabilities and resources to enhance their respective services and product offerings to the U.S. Navy, U.S. Coast Guard and other national security customers. The companies will also explore opportunities to market each other’s products to customers on a global scale and to collaborate to create innovative solutions and additional opportunities for growth.

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Posted By : Yogender Pancholi on Fri, 21 Feb 2020
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