O'ahu shipyard purchased

Advertiser Staff

United States Marine Repair, a Virginia firm owned by investors including several national political figures, yesterday announced plans to buy O'ahu shipyard Marisco Ltd.

The acquisition should close by mid-June 2001, Unites States Marine Repair said in a statement.

Terms of the deal and a purchase price were not disclosed.

United States Marine Repair is owned by the Carlyle Group, a Washington, D.C.-based investment firm whose chairman is Frank C. Carlucci, former secretary of defense for President Reagan.

Another principal in the firm is James A. Baker III, who served as secretary of state under former President Bush.

United States Marine Repair has shipyards in San Diego, San Francisco and San Pedro, Calif.; Norfolk, Va.; and Ingleside, Texas. The company specializes in maintaining U.S. Navy surface combat ships.

Retired Rear Adm. Dick Camacho, former commander of the Pearl Harbor Naval Shipyard, will lead United States Marine Repair in Honolulu, the company said.

"Because of Marisco's excellent reputation and 29-year history of accomplishing quality work on difficult jobs, we are looking forward to having the yard and its employees join our family of shipyards," B. Edward Ewing, chief executive of United States Marine and Carlyle Management Group, said in a statement.

The company said its annual revenues would grow to more than $500 million with the acquisition.

Marisco is one of two full-service private shipyards in Hawai'i. Its facilities include drydocks, shops and other ship-repair equipment.

Marisco officials could not be reached for comment yesterday.