AVONDALE SIGNS AGREEMENT TO SELL HARVEY QUICK REPAIR DIVISION TO BOLLINGER
NEW ORLEANS, Nov. 20 ~PRNewswire~ -- Avondale Industries, Inc. (NASDAQ-NMS: AVDL), announced today that it signed an agreement to sell the assets and business associated with its Harvey Quick Repair Division to Bollinger Machine Shop & Shipyard, Inc. It is anticipated that the transaction contemplated by the agreement will be consummated on or before Dec. 18. The division is located in Harvey, La., on the Harvey Canal. Avondale Industries, Inc., headquartered in metro New Orleans, is one of the nation's leading marine fabricators. In addition to its shipbuilding operations, the company specializes in boat construction and is a major repair contractor for commercial and Navy ships. It is also involved in the modular construction of facilities and components for a variety of land-based industries. Bollinger Shipyards, based in Lockport, La., has been in the ship repair and construction business for almost 50 years and is privately owned. Bollinger will now have a total of 16 drydocks available to service their customers at facilities in Lockport, Larose, Algiers and now, Harvey, La. Bollinger is a high quality producer of commercial and military ships in steel, aluminum and fiberglass. -0- 11~20~92 ~CONTACT: Thomas M. Kitchen of Avondale Industries, 504-436-5237, or Charles M. Hardy of Bollinger Machine Shop & Shipyard, 504-532-2554~ (AVDL)
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