Anyone Want to Buy Philadelphia’s Shipyard?
You know you have far too much free time on your hands if you’re reading the Norwegian papers, especially if you’re not Norwegian. This morning over coffee, I picked up a little tidbit from Norwegian business newspaper Dagens Næringsliv that says that the Aker Philadelphia Shipyard may soon be up for sale:
Converto Capital Fund, controlled by Norwegian Aker is considering a sale of shipyard Aker Philadelphia. Converto’s Manager Frank O. Reite informs that advisors have been hired to examine strategic possibilities. These include a partnership, merger or sale says Reite.
I reached Reite today in Norway on his mobile phone, and he gave me a very polite, Norwegian-style “no comment.” But he did emphasize that the shipyard is not actively on the market at this time. Aker employs up to 1,200 workers at the yard, with about 1,000 of them from the Philadelphia area. Manny Stamatakis (I bet you haven’t heard that name in a while) sits on its board.
If you’re wondering what kind of ships they build down there these days, here’s a short video that may help: