Huntington Ingalls Industries has agreed to sell its former Avondale Shipyard near New Orleans, a site that formerly turned out everything from amphibious ships to icebreakers but fell victim to consolidation.
The Daily Press reports news of the sale came during a recent conference call in which the company executives discussed second-quarter earnings.
“We signed a purchase and sale agreement for the sale of the property,” said Huntington CFO Chris Kastner. “While this is a positive step toward an eventual sale, a comprehensive due diligence process will now be initiated before the potential buyer is obligated to close.”
The company has not disclosed the prospective buyer or terms of the proposed sale. The 265-acre Avondale site has been for sale for two years. News of the pending sale was well received at the Jefferson Parish Economic Development Commission.
“It was home to thousands of skilled laborers and they want to see it rise again as quickly as possible,” says Jerry Bologna, president and CEO.
