Industrial equipment manufacturer Oregon Iron Works and ship building and repair company Vigor Industrial have announced a plan to merge.
The deal will see Oregon Iron Works (OIW) become a wholly-owned subsidiary of Vigor Industrial and "creates the critical mass of innovation, infrastructure and financial strength needed to pursue even more complex projects, enter new markets and win more work than either could separately," the companies said.
Based in Clackamas, Ore., OIW has supplied equipment for a number of conventional hydroelectric and marine energy projects since its founding in 1944. The company now employs more than 480 people and has an additional manufacturing facility in Vancouver, Wash.
"We've been looking for ways to evolve to the next level and compete in a broader market spectrum," said Terry Aarnio, OIW Chairman of the Board.
Meanwhile, Portland-based Vigor employees 1,800 and operates seven subsidiaries across Alaska, Oregon and Washington.
“This combination positions the company to meet upcoming demand from various industrial and marine sectors," Vigor CEO and owner Frank Foti said.
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