PORTLAND, Ore. (KOIN) — Vigor Industrial, the Portland-based shipbuilder with contracts for both military and cruise ships, was bought by the Carlyle Group investment firm and will merge with a Virginia company.
Vigor will merge with MHI Holdings and each will retain their individual names, officials announced in a press release. The overall company will be called Titan Acquisition Holdings.
If all goes as planned, the closing will take place by the end of the 3rd quarter in 2019. The current Vigor CEO, Frank Foti, is expected to keep running Vigor until a new CEO is chosen.
Overall, Vigor employs about 2300 people, most of them in the Portland area, including a 60-acre shipyard on Swan Island.
In recent times, major ships, including a Carnival Cruise ship, came to Portland for rehab at Vigor Industrial.