The acquisition will see Patrick operate the LPE subsidiaries Marine Concepts / Design Concepts, Florida Marine Tanks, and Marine Electrical Products on a stand-alone basis under their respective brand names.
Patrick aims to strengthen its marine platform through the acquisition, which is estimated to represent more than $125m in combined annualised revenue.
The acquisition follows the US Bankruptcy Court proceedings and MCM’s acquisition of ESCO Marine’s former ship recycling and scrapping operations.
SteelCoast now owns ESCO Marine’s 70-acre ship recycling and scrap processing complex in Brownsville, Texas, as a result of the new deal.
Maersk Line has announced that it has obtained board members’ approval for the aquisition of German container shipping line Hamburg Süd for €3.7bn under a cash and debt-free deal, which is expected to be closed by the end of the year.
The board of Hamburg Süd's parent company Oetker Group has already granted approval for the deal, and this was followed by a sale and purchase agreement between the two parties in March.
This latest acquisition brings the Maersk's combined fleet to a total of 743 container vessels, while the container capacity of the two companies will be approximately 3.9 million twenty-foot equivalent units (TEUs).