Air Conditioning and Refrigeration Repair in Goose Creek, SC

NEWPORT NEWS, Va., (Dec. 4, 2024) — HII (NYSE: HII) announced today that it has entered into a definitive agreement to acquire substantially all of the assets of W International SC, LLC and Vivid Empire SC, LLC (collectively “W International”), a South Carolina-based complex metal fabricator specializing in the manufacture of shipbuilding structures, modules and assemblies.

Upon completion of the transaction, the manufacturing facility in Goose Creek, South Carolina, will operate within HII’s Newport News Shipbuilding (NNS) division. The site will support the construction of nuclear-powered submarine and aircraft carrier modules and structures for U.S. Navy programs. Substantially all current employees will be offered positions with HII to continue to work on site.

“HII is committed to increasing build rates for our Navy customer, and this investment in capacity alongside the Navy will help us do that,” HII President and CEO Chris Kastner said. “It lets us efficiently add trained talent and state-of-the-art manufacturing capabilities to the urgent job of building ships, making it a unique opportunity to accelerate throughput at Newport News Shipbuilding in support of the Navy and AUKUS.”

The acquired assets include advanced production facilities with state-of-the-art equipment, tooling and infrastructure used to fabricate complex metal modules and structures, and are located on a leased 45-acre site with more than 480,000 square feet of manufacturing space. The site has barge and rail access, and is strategically located near Charleston, in a region with a rapidly growing shipbuilding ecosystem and highly skilled trades workforce.

The facility in Goose Creek will be known as Newport News Shipbuilding – Charleston Operations, operating within HII’s Newport News Shipbuilding division.

Current NNS Vice President and Chief Transformation Officer Matt Needy will become general manager of the site. NNS is the nation’s designer, builder and refueler of nuclear-powered aircraft carriers and one of only two shipyards capable of designing and building nuclear‐powered submarines.

The transaction is expected to close in the fourth quarter of 2024, subject to the satisfaction of certain closing conditions, including receipt of regulatory approvals and required contractual modifications from our Navy customer and other third parties.

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About HII

HII is a global, all-domain defense provider. HII’s mission is to deliver the world’s most powerful ships and all-domain solutions in service of the nation, creating the advantage for our customers to protect peace and freedom around the world.

As the nation’s largest military shipbuilder, and with a more than 135-year history of advancing U.S. national security, HII delivers critical capabilities extending from ships to unmanned systems, cyber, ISR, AI/ML and synthetic training. Headquartered in Virginia, HII’s workforce is 44,000 strong. For more information, visit:

Cautionary Statement Regarding Forward-Looking Statements

Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “guidance,” “projections,” “outlook,” and similar words or phrases or the negative of these words or phrases generally identify these forward-looking statements. Forward-looking statements include, among other things, statements relating to the Company’s future financial condition, results of operations or cash flows, expected benefits of the proposed transaction and the timing of the proposed transaction. Forward-looking statements are based upon assumptions, expectations, plans and projections that we believe to be reasonable when made, but which may change over time. These statements are not guarantees of future performance and inherently involve a wide range of risks and uncertainties that are difficult to predict. Specific risks that could cause actual results to differ materially from those expressed or implied in these forward-looking statements include, but are not limited to: those discussed in this release; those identified under “Risk Factors” and other important factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 and from time to time in our other filings with the SEC; the possibility that the closing conditions of the proposed transaction may not be satisfied on a timely basis, or at all; the possibility that regulatory approvals required for the proposed acquisition may not be obtained on acceptable terms, on the anticipated schedule, or at all; the risk that closing of the proposed acquisition may not occur or may be delayed; the possibility that anticipated benefits of the proposed acquisition may not be realized or may take longer to realize than expected; There may be other risks and uncertainties that we are unable to predict at this time. You are urged to consider the limitations on, and risks associated with, forward-looking statements and not unduly rely on the forward-looking statements including the accuracy thereof. Forward-looking statements are based on information, plans and estimates as of the date they are made and there may be other factors that may cause actual results to differ materially from these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, subsequent events or otherwise, except as required by applicable law.

A Goose Creek man sits in the Hill-Finklea Detention Center in Moncks Corner following an investigation by the South Carolina Law Enforcement Division (SLED). Information provided shows the suspect, Derrell Joshua, already a convicted felon, is charged with 43 counts that include, child endangerment, drug trafficking and animal fighting.

Information provided to the Gazette shows that Joshua, 40, continued to be investigated after convictions for felony crimes in 2004, 2012 and 2020. The arrest affidavit from Berkeley County states that his arrest stems from evidence being collected since 2020, up until October of 2024.

Investigators from SLED, according to documents, began, through a warrant, tracking Joshua’s social media account where his dealings were messaged with numerous co-conspiring parties.

One message from 2022 discussed, based on bond papers, shows he communicated with a person looking for Fentanyl, heroin, meth, crack cocaine and Oxycodone after the subject was released from prison.

Another message thread shows that he entered into a conversation in the private message thread that he, Joshua, had “fentanyl on deck.” The documents show he interacted through messaging numerous times discussing and setting up sales for an array of illegal drugs.

Affidavits show there were messages where Joshua set up sales to different subjects for MDMA “Molly”, meth, cocaine and heroin. Information shows these conversions went back and forth for several months.

Then on Oct. 24, the affidavit states that SLED agents along with deputies from the Berkeley County Sheriff’s Office executed a search warrant at what is believed to be Joshua’s residence in Goose Creek. During the search more charges were added to the list.

Investigators allegedly found dogs that had scars consistent with animal fighting or baiting. It was also found, officers report, that he ran an illegal dog fighting kennel. The kennel was advertised on social media and the page was owned by Joshua.

The site, investigators report had animals “tormented by tethering” and lacked food and adequate care. They also found a digital media file that showed, pit-bull type dogs in a “conditioning fight” and the fight was recorded.

The court papers state that while searching the site on Oct. 24 additional drugs were found that included fentanyl and cocaine. Also because of the condition of the home and the illicit drugs around, Joshua was charged with child endangerment. Three children were in home ranging in age from 12 to four-years old, according to investigators.

Also inside, investigators reported, finding 12 different firearms. There were seven handguns, four rifles and one shotgun. Due to his previous felony charges in 2004, 2012 and 2020, it is illegal for Joshua to have guns or ammunition.