On Tuesday Todd Shipyards Corp. and Vigor Industrial LLC announced the completion of the purchase of Seattle-based Todd by Nautical Miles Inc., a wholly owned subsidiary of Vigor.
“We are excited about the opportunities for growth added to the Vigor family by Todd’s talents and capabilities,” Frank Foti, Vigor’s president, said in a statement.
Foti said the Vigor-Todd combination would offer customers a broader array of repair and construction services, and do so while also improving efficiency.
“This creates a strengthened presence for the company and the industry in the Puget Sound region and the Northwest, which is great for our customers, our employees, our communities and our economy,” said Todd CEO Steve Welch.
With the completion of the purchase, Todd Pacific Shipyards Corp. becomes a wholly owned subsidiary of Vigor Industrial and will be named Vigor Shipyards Inc. Foti is the yard’s new CEO and Welch was named president.
Oregon-based Vigor Industrial’s operations include ship repairers Vigor Marine LLC and Cascade General, Portland, Ore., Washington Marine Repair, Port Angeles, Wash.; Vigor Marine Tacoma, located in the Port of Tacoma, Wash.; and Everett Shipyards Inc., Everett, Wash. US Barge LLC, a wholly owned Vigor Industrial subsidiary, builds barges at the Portland Shipyard.