Titan Acquisition Holdings, a joint venture of Vigor Industrial and MHI Holdings, has entered into a definitive agreement to acquire Huntington Ingalls Industries' (HII) San Diego Shipyard.
The shipyard is one of the largest fleet service and repair sites in the United States, located in the US Navy's largest stateside port.
The transaction is subject to customary closing conditions and closing is expected in the second quarter of 2020. Financial terms were not disclosed.
As a part of this transaction, HII will hold a minority interest in Titan.
The San Diego Shipyard, formerly Continental Maritime of San Diego, encompasses 5.6 hectares of land and 6.8 hectares of water area on San Diego Bay. It is a division of Huntington Ingalls' Technical Solutions Fleet Support Group and provides shipfitting, welding, pipefitting, machinery, repair, marine electrical repair and installation, sheet metal repair and fabrication, boiler repair, and preservation services.