Ramona Adams
Huntington Ingalls Industries has signed an agreement to sell its Avondale shipyard near New Orleans to an undisclosed buyer, The Maritime Executive reported Wednesday.
HII Chief Financial Officer Chris Kastner said Wednesday during a conference call the company expects to wrap up the sale after the buyer completes a due diligence process.
Northrop Grumman had operated Avondale until the defense contractor decided to close the shipyard in 2010 and subsequently spun off its shipbuilding business into the company now known as Huntington Ingalls Industries.
The military shipbuilder shut down the 77-year-old facility in 2014 after the construction of San Antonio-class amphibious transport dock USS Somerset as part of HII’s efforts to unify its Gulf shipbuilding operations in Pascagoula, Mississippi.
HII lowered the asking price for Avondale from $125 million to $95 million ahead of the prospective sale, the report noted.
