Posted on July 31, 2023
On July 28, the Port of South Louisiana (PortSL) announced that it has concluded its due diligence of its proposed acquisition of Avondale Global Gateway from terminal operator T. Parker Host, which moved its headquarters from Virginia to Jefferson Parish earlier this year.
In January, PortSL announced plans to buy the former Avondale shipyard site from Host, which purchased the 254-acre site for $60 million in 2018 from shipbuilder Huntington Ingalls. Host said it invested $150 million after the acquisition to bring the site back into commerce as the Avondale Global Gateway.
The port said its team of experts is currently compiling its findings into reports that will be used to negotiate the final terms of the acquisition. If final terms can be agreed upon, the port will seek approval for the financing of the acquisition from the State Bond Commission, possibly at its September meeting.
“Port of South Louisiana is one step closer to taking Avondale Global Gateway to new heights and solidifying our region as a major player in the global economy,” said Paul Matthews, CEO of PortSL, in a press release. “Since the beginning of this process, we have been committed to ensuring that this deal is a win for the State of Louisiana. Historically, Avondale helped to build the middle class from the River Parishes to the mouth of the Mississippi River. This exciting new chapter under the Port’s ownership will foster further development, attract investment from across the globe and create high-quality jobs for Louisiana families. We look forward to working with Host to get across the finish line.”
