View non-flash version
Tacoma Boat $20-Million Debentures To Finance Expansion Program Tacoma Boatbuilding Co., Ta- coma, Wash., announced it is of- fering $20 million of 10% percent convertible subordinated deben- tures due 2001 through an under- writing group managed by Bear, Stearns & Co. The debentures are convertible into Tacoma Boatbuilding com- mon stock at $20% per share. Proceeds from the sale will be used for facility expansion, the repayment of debt, and for work- ing capital purposes. Of this amount, approximately $8 million will be used to acquire a floating drydock and approximately $5 million will be used to expand one of the company's shipyards and its machine shop. This facility expansion is intended to permit the company to construct larger ships and offshore oil drilling rigs, to increase ship repair work ca- pacity, and reduce use of sub- contracted facilities. The company is engaged in the design, construction and repair of marine vessels at three ship- yards in Tacoma. The company currently is constructing four patrol chasers for a foreign gov- ernment, four medium endurance cutters for the U.S. Coast Guard, and 12 ocean surveillance craft for the U.S. Navy. For the private sector, Tacoma Boat is doing overhauls of the Alaska State ferry Taku and the Washington State ferry Klickitat, is constructing three petroleum barges, and has recently received a contract to build a tuna seiner for a foreign buyer. The company also designs and constructs offshore supply boats, semisubmersible oil drilling rigs, and large commercial fishing ves- sels. Newport News Receives $74-Million Contract For Submarine Work Newport News Shipbuilding, Newport News, Va., has been awarded a $74,460,296 modifica- tion to a previously awarded cost plus incentive fee contract for alteration, repair, refueling, and testing of the Fleet ballistic mis- sile submarine USS Lewis and Clark (SSBN-644). The Naval Sea Systems Command is the con- tracting activity. John G. Smith Promoted To General Manager Of Krupp Atlas Electronik John G. Smith has been pro- moted to general manager of Krupp Atlas Elektronik U.S.A. For the past year he has served as regional sales manager for the East and Gulf Coasts. John G. Smith Krupp Atlas Elektronik is a leading marine electronics manu- facturer based in Bremen, West Germany. The Krupp Atlas prod- uct line is commercial in nature catering to the merchant marine, fishing, and survey industries. Prior to joining Krupp Atlas, Mr. Smith was employed by ITT Decca Marine from 1974 until 1980. He held several positions both technical and marketing, the last position being director of marketing services. Prior to this he was employed as a senior sales correspondent with International B.F. Goodrich in New York City. Mr. Smith has a B.A. degree from St. Peter's College and a master's degree in business ad- ministration from Fordham Uni- versity. He served in the U.S. Army for two years as an armor commander. When it comes to selecting Stuffing Boxes... O /ohnsoif DURA MAX Has the Types and Sizes Whatever you need in a stuffing box, whether it's for stern tube, bulkhead or rudder, the Johnson- Duramax line offers a wide choice of styles and sizes. You can select from the popular "Air Seal" type, with built-in inflatable rubber ring that effec- tively seals out sea water during packing change . . . no need to dry-dock to change packing. There are "split" styles that offer unique installation and servicing advantages, particularly where space is limited and the convenience of handling large sizes in "split" style can be an advantage. Stuffing Boxes for bulkhead or rudder application are offered in bronze and can be supplied with steel flange for bulkhead welding. When up-dating of systems may be required to meet water-tight integrity, you will find bulkhead split styles that will fulfill the need- without having to remove shaft. When you want the combined benefits of performance-proven reliability and engineering leadership, Johnson Duramax stuffing boxes offer a wide selection of styles—in a full range of sizes. These benefits are all described in our 12-page Catalog. Write or call for your copy. In the Johnson-Duramax line of Bronze Stuffing Boxes for Forward Stern Tube installations, several styles areoffered, including those with the "Air-Seal" inflatable rubber sealing ring. Sizes in a full range for 2-1/2 inch to 15 inch shaft diameters. The Air Seal types feature an inflatable rubber ring which seals around shaft, making it easy to change packing without dry- docking. Water inlets pro- vided for water lubrication of bearing and grease fit- tings for lubricating packing. Styles are also available without "Air Seal" ring. For shafts of 15-1/8 inch diameter and larger, a Semi-Split style enables handling of large sizes in confined quarters, and simplifies the inspection of inboard end of bearings Features airseal ring, water inlet, packing housing. A full range of Bulkhead and Rudder stuffing boxes is offered in solid and split configurations—in sizes 2-1/2 to 7-3/4 inch. De- signed for ease of instal- lation and servicing. DURAMAX- MARINE division of The Johnson Rubber Company ®T.M Reg. PRINTED IN U S A Middlelield, Ohio 44062 U.S.A. Area Code: 216-632-1611 TWX: 810-427-2960 Telex: 98-0416 / Cable: "DURAMAX" Dependable Products For Ships Throughout The World 38 Write 227 on Reader Service Card Maritime Reporter/Engineering News
