Leidos Holdings announced on Friday that it has completed its acquisition of Gibbs & Cox for approximately $380 million in cash. Gibbs & Cox will be combined with Leidos' maritime systems division and act as a Leidos subsidiary. The transaction was first announced on Feb. 23, 2021.
"We are delighted to welcome the Gibbs & Cox team to the Leidos family. Gibbs & Cox is widely regarded for developing the most talented and experienced naval designers in the world. We look forward to this new era of innovation while combining the best of both companies," commented 2021 Wash100 Award recipient and Leidos chairman and CEO Roger Krone.
Gibbs & Cox employs world-class naval architects, designers, engineers and program managers to develop innovative vessel designs and naval capabilities. The company is the largest independent ship design firm that develops naval architecture and marine engineering solutions for both the U.S. Navy and foreign navies.
"We are excited to join Leidos, whose employee culture and history of innovation strongly mirror our own legendary 91-year history", said Gibbs & Cox president and chief executive Chris Deegan.
"Gibbs & Cox will remain the nation's largest independent provider of maritime services. The combination of our world-class naval architecture, design and engineering services with Leidos' speed, security and scale will significantly enhance our combined offerings in the fast-growing maritime undersea, autonomous and cybersecurity segments. We look forward to mapping a new Gibbs & Cox with Leidos for the next 90 years,” added Deegan.
Leidos is a Fortune 500 information technology, engineering, and science solutions and services leader working to solve the world's toughest challenges in the defense, intelligence, civil, and health markets. The company's 39,000 employees support vital missions for government and commercial customers. Headquartered in Reston, Va., Leidos reported annual revenues of approximately $12.30 billion for the fiscal year ended January 1, 2021.
About Gibbs & Cox
Gibbs & Cox, Inc. is an independent engineering and design firm specializing in naval architecture, marine engineering, management support, and engineering consulting. The firm is headquartered in Arlington, Virginia, with offices throughout the United States and Australia.