HII Strikes $350M Deal for Kongsberg Maritime's Hydroid Subsidiary; Mike Petters Quoted

Huntington Ingalls Industries (NYSE: HII) has agreed to acquire Pocasset, Mass.-based marine robotics provider Hydroid from Kongsberg Maritime for approximately $350M to expand its capabilities in the autonomous and unmanned maritime systems market.

HII said Tuesday it will integrate Hydroid into its technical solutions division upon the deal's completion, which is expected in the first quarter of 2020.

HII and Kongsberg Maritime have also formed a strategic alliance to leverage their resources and capabilities to offer their maritime and naval products and services to U.S. government clients and other customers worldwide. The companies will also explore growth opportunities and work together to develop novel platforms.

“Hydroid’s advanced capabilities and reputation for excellence in autonomous and unmanned maritime systems provide the perfect complement to our existing unmanned operations, including Proteus in Panama City and our partnership with Boeing to produce the Orca XLUUV,” said Mike Petters, president and CEO of HII and a previous Wash100 award winner.

“This transaction, along with the strategic alliance with Kongsberg Maritime, demonstrates our long term commitment to the U.S. Navy, the U.S. Coast Guard and our national security customers and allies globally,” Petters said.

Hydroid makes the Remus line of unmanned underwater vehicles designed for use in marine research, defense and commercial applications.

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