PHILLY SHIPYARD ASA Philly Shipyard Inc. and Avalotis Industrial Services signed a term sheet for the transfer of operations of PSI's Prime Plate Facility - a steel blasting and priming facility located outside the shipyard fence-line in the Navy Yard business park. AIS plans to assume full operational control of this facility while servicing all of PSI's plate priming requirements for its shipbuilding, repair, and miscellaneous fabrication activities. PSI's Prime Plate Facility receives plates from the steel mill, and then shot blasts and primes them with a weldable zinc primer, also known as a pre-construction primer.
The cycle takes place in an indoor controlled environment for proper surface preparation. The transaction contemplated by the term sheet is subject to the parties reaching a definitive agreement within 90 days as well as certain other conditions precedent, including both parties obtaining the necessary consents and approvals.
