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The global defence company has finalised its major deal to purchase the maritime engineering firm in a bid to expand its offering.
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Leidos Holdings has completed its acquisition of ship design and engineering firm Gibbs & Cox for approximately US$380 million ($484 million) in cash.
Gibbs & Cox will now operate as a wholly owned subsidiary under Leidos’ maritime systems division.
According to Leidos, the acquisition would bolster its product and service offering to the US Navy and a growing list of foreign customers.
As part of the acquisition, first announced in February, Leidos is expected to onboard Gibbs & Cox’s engineering talent from its 525-member workforce, which include naval architects and digital engineers.
“We are delighted to welcome the Gibbs & Cox team to the Leidos family,” Leidos chairman and CEO Roger Krone said.
“Gibbs & Cox is widely regarded for developing the most talented and experienced naval designers in the world.
“We look forward to this new era of innovation while combining the best of both companies.”
Gibbs & Cox president and CEO Chris Deegan added: “We are excited to join Leidos, whose employee culture and history of innovation strongly mirror our own legendary 91-year history.
“Gibbs & Cox will remain the nation’s largest independent provider of maritime services.
“The combination of our world-class naval architecture, design and engineering services with Leidos’ speed, security and scale will significantly enhance our combined offerings in the fast-growing maritime undersea, autonomous and cyber security segments.”
Deegan concluded: “We look forward to mapping a new Gibbs & Cox with Leidos for the next 90 years.”
[Related: Leidos launches bid to acquire maritime engineering firm]
