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Austal Limited (ASX:ASB)has announced the acquisition of northern Australian engineering company HKME and its associated business KM Engineering.
Austal will gain an 80 per cent stake of a merger between their existing Darwin operations and HKME for $8 million.
HKME has strong support ties to the Royal Australian Navy and Australian customs and border protection, as well as company’s within the oil and gas sector.
Austal CEO Andrew Bellamy says the acquisition underpins the shipbuilders strong support of the navy and directly addresses the needs of the US Navy, from whom Austal has existing contracts.
In the 2012 financial year Austal booked a net profit of $11 million.
News: Austal acquires engineering company
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