News Summary
HII is set to acquire the assets of W International, a metal fabricator in Charleston, SC, to enhance submarine module production. This acquisition promises to create new job opportunities for local workers and support the Navy’s production goals. With a large manufacturing footprint and strategic location, this move is expected to boost Charleston’s economy and solidify its role in the defense sector.
Exciting Developments in Charleston: HII is Set to Acquire Local Fabricator
Charleston, SC, is buzzing with news of a significant business move that promises to enhance the region’s manufacturing capabilities. HII, a powerhouse in the defense sector, is gearing up to acquire **_substantially all of the assets_** of W International, a well-known metal fabricator based in the area. This acquisition aims to support the construction of submarine modules starting next year, and it’s sure to have a big impact on the local economy.
A New Facility for Submarine Module Production
The facilities being acquired sit on an expansive **_45-acre site_** in Charleston, boasting a massive **_480,000 square feet_** of manufacturing space. This prime location is about 400 miles south of HII’s renowned Newport News Shipbuilding in Virginia, adding strategic value to operations. The facility also enjoys convenient access to barge and rail lines, making it a breeze to transport completed submarine modules back to Newport News or over to General Dynamics Electric Boat for further work.
Boosting Employment Opportunities
One of the highlights of this acquisition is HII’s commitment to the workforce. The company plans to offer employment to **_substantially all_** of W International’s current employees, ensuring that many locals will continue their jobs amid this transition. This move is not just about expansion; it’s also about affirming HII’s commitment to the Charleston community and its skilled labor force.
Revving Up Production Rates
With the Navy aiming to ramp up its production rates, this acquisition couldn’t come at a better time. HII’s president and CEO emphasized the intention behind this move is to increase build rates for the Navy directly. Initially, the focus will be on submarine construction at the Charleston facility, with hopes that future projects could also include aircraft carriers. This aligns perfectly with the Navy’s broader goal of bolstering the submarine industrial base in light of increasing requirements.
Community Reactions
Local U.S. Senators noted the positive impact on the South Carolina economy, highlighting the importance of job creation and skill enhancement in the region. Their support underscores a collective enthusiasm, as the community anticipates both economic growth and the development of essential capabilities in shipbuilding, especially for nuclear-powered submarines and aircraft carriers.
The Bigger Picture
This acquisition is part of a larger strategy to address the Navy’s need for more skilled workers. The Navy has recently partnered with organizations like BlueForge Alliance to attract an additional **_140,000 shipyard workers_** over the next decade. As the shipyard workforce expands, so too will opportunities for local residents, in a sector that is becoming ever more critical.
Looking Ahead
As HII continues to pursue the completion of this acquisition, which is expected to close in the fourth quarter of 2024, a new chapter is set to begin for both the company and the Charleston facility. The transition marks a promising era for HII, and the local workforce as they gear up for an exciting new journey in submarine module production. More than 99% of W International’s legacy workforce has already accepted job offers to stay on board, illustrating strong confidence in the future.
So, residents of Charleston, keep your eyes peeled! This acquisition not only represents a significant milestone for HII but also a wave of opportunity for many in the community. With the U.S. Navy’s ambitious plans underway, Charleston is ready to play its part in the grand scheme of the nation’s defense efforts.
Deeper Dive: News & Info About This Topic
- HII News: Acquisition Announcement
- Breaking Defense: HII’s Facilities Acquisition
- Charleston Business: Fabricator Acquisition
- WTKR News: HII’s Plans for Navy Sub Production
- Wikipedia: Submarine Construction
