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Fraser Industries Secure Bond Financing to Invest in Maritime Industry & Workforce

Posted on April 26, 2024

SUPERIOR, WI – Fraser Industries, a historic maritime company with subsidiaries Fraser Shipyards, Lake Assault Boats, and Northern Engineering, located in Superior, Wisconsin, and Portsmouth, Virginia, has successfully closed a bond financing deal that will pave the way for a sustainable and robust maritime workforce for future generations. Founded in 1890, the company has been a leader in the Great Lakes maritime industry with unmatched expertise and innovation.

Over the decades, Fraser has built a reputation for excellence in ship construction and repair, serving a diverse range of clients in the commercial, government, and military sectors. From constructing state-of-the-art vessels to providing expert repair services for existing ships, Fraser has consistently delivered exceptional results and earned the trust of customers both locally and internationally.

“These funds will be instrumental in upgrading and expanding our existing facilities, purchasing new equipment, and enhancing our services to meet the evolving needs of our customers,” said Fraser CEO Patrick Kelly. “This investment will not only drive growth and innovation at the yards but also create new opportunities for the workforce in Superior and Portsmouth.”

Fraser leadership appreciates its partners in the State of Wisconsin, Douglas County, and the City of Superior.  “Our partners at the State, County, and City levels made it abundantly clear from the beginning – they were ready to assist us in securing the funds for this historic investment. We look forward to collaborating with government leaders in the future as we advance our mutual goal of making Superior a global maritime leader.”

The financing agreement, finalized at the end of March, positions Fraser well to continue building on its historic foundations, driving innovation in the maritime sector, and contributing to the economic growth of the Superior area.

1962, Highway 53 construction


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