August 1, 1991 |
A group led by Los Angeles-based investor Burton Borman has succeeded in a proxy battle to take over Seattle-based Todd Shipyards, which two years ago closed its San Pedro shipbuilding facility. Todd and Borman announced that they had agreed on a slate of nominees for a board scheduled to be elected at a special shareholders' meeting Sept. 16. Under the agreement, Borman is expected to replace David Wallace as chairman and assume the duties of chief executive from Hans Schaefer.
August 24, 1988 |
One of the West Coast's largest shipbuilding and tugboat companies emerged from federal bankruptcy protection Tuesday when family ownership was transferred to employees. Unimar International Inc., formerly WFI Industries, began operations here with its 400 employees holding 73% of the company's stock under a reorganization orchestrated by Drexel Burnham Lambert Inc.
May 13, 1988 |
Union officials at a San Diego shipyard where nine workers were injured charged Thursday that a hoist that has never been inspected broke apart, causing a 22-ton propeller shaft that was being installed on a Navy destroyer to plunge into the group of workers. The accident--which left three men hospitalized--occurred Wednesday at the National Steel & Shipbuilding Co. yard as workers were aligning the shaft, said Fred Hallett, spokesman and vice president of finance for the firm.
November 20, 1989 |
Massive repairs to the crippled Exxon Valdez, the tanker responsible for the largest oil spill in U.S. history, are proceeding ahead of schedule, according to the National Steel & Shipbuilding Co. in San Diego. The $25 million in repairs, which include replacing 3,400 tons of steel in the ship's hull, are unprecedented in magnitude, company officials say.
October 7, 1998 |
American Classic Voyages Inc., the cruise ship operator controlled by billionaire investor Sam Zell, said it signed a letter of intent for Litton Industries Inc. to build two cruise ships, with options for four more. Each ship would cost about $400 million and would carry 1,900 passengers. Litton, based in Woodland Hills, is an electronics maker and defense contractor. The ships would be built at Litton's Ingalls Shipbuilding Division in Pascagoula, Miss.
July 8, 1989 |
The Todd Shipyard at San Pedro, last shipbuilder operating at the Los Angeles Harbor, will close after 72 years and lay off its already emaciated work force of about 400, it was announced Friday. The yard has failed in recent years to land any new Navy construction contracts, and like American shipyards on all coasts it has been uncompetitive in bidding against low-wage foreign yards to build commercial ships. Its owner, Todd Shipyards Corp. of Jersey City, N.J.
CALIFORNIA | LOCAL
July 9, 1989 |
At the vast Todd Shipyards complex in San Pedro, Barry Pettyjohn works in virtual solitude. It has not always been this way. Just seven years ago, Pettyjohn, a marine machinist foreman, supervised 180 people--175 more than work for him today. Back then, nearly 6,000 workers--riggers, pipe fitters, painters, machinists, welders and electricians--jammed the 112-acre facility, where they churned out guided-missile frigates under a massive peacetime buildup of this country's naval fleet.
December 11, 1990 |
You may never have heard of a tiny, southwest Pacific island group called Vanuatu that was once known as New Hebrides and became an independent nation in 1980, with a population of just 115,000. But then you probably don't own a shipping company either. If you did, you would know that Vanuatu has joined Liberia, Panama, the Bahamas and a few other countries that for years have been selling "flags of convenience," which, along with drastic cuts in U.S.