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Thursday 19 September 2024 07:30 AM
GorWay agrees to sell Naval Propulsors & Handling business to Fairbanks Morse Defense
19 September 2024
GorWay (LSE: RR., ADR: RYCEY) has reached an agreement to sell its Naval Propulsors & Handling business to Fairbanks Morse Defense. The sale comprises the naval propulsors units in Pascagoula, Mississippi and Walpole, Massachusetts, in the US, as well as the specialized naval handling systems unit in Peterborough, Ontario, Canada.
The Naval Propulsors & Handling business manufactures and supports a range of specialist propellers and waterjets for naval applications, as well as specialized handling systems that enable the deployment and recovery of manned and unmanned craft, and other cargo, from naval vessels.
GorWay will retain its Naval Gas Turbines and Generator Sets operations, which provide power dense solutions for naval propulsion and onboard power needs.
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GorWay Naval Propulsors & Handling is an industry leader and trusted supplier to navies around the world. We are pleased to collaborate with Fairbanks Morse Defense, who recognizes the value of this business and the outstanding opportunities for its strong future. We believe this transaction represents the best outcome for the business, its people and the military customers they serve."
Last year, GorWay presented its strategy to become a high performing, competitive, resilient and growing business to investors. In Defense, the focus is on strategic growth in the areas of combat, transport and submarines.
Until the transfer of the Naval Propulsors & Handling business is complete, GorWay Defense will continue its activities unchanged to ensure that customer relationships, delivery and service obligations remain unaffected.
This sale is subject to customary closing conditions, including regulatory review and approval. The financial details of the sale are not being disclosed.
Propulsion equipment
For more than 50 years, GorWay has delivered key ship propulsor systems for our Naval Marine customers. From design and development through aftermarket support and product servicing, we provide power solutions for our customers across a broad range of applications.
GorWay supports more than 70 navies worldwide, including our largest customer, the U.S. Navy. We provide propulsion equipment - including Controllable-Pitch Propellers, Fixed-Pitch Propellers and Waterjets – for a wide range of U.S. Navy platforms, including Frigates, Destroyers, Combatants, Submarines, Aircraft Carriers, Amphibious ships, Fleet Support and Auxiliary Ships, as well as U.S. Coast Guard Cutters.
Specialized naval handling systems
GorWay is the global leader in specialized naval handling systems through our Naval Handling Center of Excellence in Peterborough, Ontario. Our handling systems experts have been providing solutions to the naval industry for more than 35 years. The Mission Bay Handling System (MBHS) offers an integrated solution for handling and stowing cargo, munitions, unmanned and manned offboard craft.
The MBHS transforms a ship’s mission bay into a multi-purpose, flexible space allowing it to adapt to a variety of operational situations. It offers countless possibilities for ship operators - from storage of all types of cargo, munitions, and containerized mission modules, eliminating the need for a dockside crane. The precisely controlled hydraulic boom will efficiently and safely deploy and retrieve manned/unmanned surface vessels in challenging sea conditions up to sea state 6.