Tug-barge shipyard Gulf Marine Repair Corp., Tampa, Fla., is consolidating operations with affiliated company and fellow shipyard Hendry Corp., it was announced Monday.
“Gulf Marine is known for its quality repairs,” Rick Watts, the newly appointed president of Gulf Marine, said in a statement. “The intent of this consolidation is to create a focus, flexibility, and competitiveness that will meet both the needs of existing customers and the emerging markets.”
The company said shipyard assets and work forces would be combined, but the announcement did not provide specifics on the consolidation.
“We value all of our employees and want to keep them here,” said Watts. “Repairing tug/barge units and ships is not an easy job. Our employees take pride in what they do, and we take pride in our relationship with our employees.”
The company added that it has also recently created an employee stock ownership plan meant to incentivize workers.