Marine Hydraulics International Inc. (Norfolk, VA) and Técnico Corp. (Chesapeake, VA)
2 ship repairers unite to form new holding company discusses how two complementary ESOP-owned companies merged to form a single holding company. Marine Hydraulics International Inc. and Técnico Corp. have merged to form American Maritime Holdings Inc. The companies will keep their separate identities and operations while reducing costs and providing a more secure investment for the 550 employee-owners of the two companies:
"It's like any other portfolio - if you diversify, you have a better opportunity for success," said Torrech, the former president of Técnico. That is even more important in today's uncertain economy, he said.
Both Marine Hydraulics and Técnico will keep their separate identities and operations, Torrech said. The Navy is the biggest customer of both.
Having joint ownership will offer ways to reduce costs, such as by pooling insurance coverage, said Gary Brandt, MHI's former top executive who is now American Maritime Holdings' chairman and chief executive. The companies may now team up to go after some projects that each could not do separately, he said.