In a $130 million transaction, Vigor Industrial LLC, of Portland, Ore., has purchased Todd Shipyards Corp., of Seattle, in an all-cash deal.
Todd, with over 750 employees, has contracts with various government entities and the Washington State Ferries system. Todd has been a fixture on the Seattle waterfront for almost 100 years.
Vigor owns Cascade General, a ship repair facility in Portland, plus U.S. Barge, a builder of barges based in Portland.
Matt Nichols, managing director of Nichols Brothers Boat Builders, of Whidbey Island, Wash., has a unique perspective on the purchase. His company has joined with Todd to build three 64-car ferries for the state of Washington.
â€œOther than Seattle losing a corporate headquarters I donâ€™t think shipbuilding operations will change much. Contracts, including ours, should stay the same,â€ Nichols said.
Todd/Nichols has delivered the first of these three vessels, Chetzemoka. Work on the other two is underway for spring 2011 and winter 2012 delivery. Todd is building the hull and main deck while Nichols is building the aluminum superstructure.