BAE Systems to acquire Va. marine repair company

Associated Press

NORFOLK, Va. (AP) — BAE Systems PLC says it's acquiring a Virginia marine repair, overhaul and conversion company in a $69 million cash deal.

London-based BAE Systems on Thursday announced an agreement with American Maritime Holdings to acquire Marine Hydraulics International. The deal is expected to close during the first quarter of 2013, pending regulatory approval.

Marine Hydraulics International operates a shipyard, pier and waterfront facilities in Norfolk.

BAE Systems says it plans to integrate the company with its ship repair business.

Marine Hydraulics employs about 400 people. Its maritime customers include the U.S. Navy.