Canada’s Davie Makes $1 Billion Deal for US Shipyard Assets (1)

Canadian shipbuilder Chantier Davie Canada Inc. is planning to invest more than $1 billion to buy and upgrade shipyard assets in Galveston and Port Arthur, Texas from Gulf Copper & Manufacturing Corp. as part of its strategy to supply the US with icebreakers and other specialized ships.

Davie expects the purchase to be finalized this summer. The deal between the two closely held companies is subject to financial, legal and regulatory conditions as well as land lease negotiations, Davie spokesperson Paul Barrett said.

“We share a vision with Gulf Copper to make Texas a world-class hub for American icebreaker and ...