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Leidos completes acquisition of Gibbs & Cox

Leidos completes acquisition of Gibbs & Cox

The global defence company has finalised its major deal to purchase the maritime engineering firm in a bid to expand its offering.

The global defence company has finalised its major deal to purchase the maritime engineering firm in a bid to expand its offering.

Leidos Holdings has completed its acquisition of ship design and engineering firm Gibbs & Cox for approximately US$380 million ($484 million) in cash.

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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.

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“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]

Leidos completes acquisition of Gibbs & Cox
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