NEWPORT NEWS, Va., July 22, 2020 (GLOBE NEWSWIRE) — Huntington Ingalls Industries’ (NYSE:HII) Technical Solutions division announced today that it has completed a strategic equity investment in Sea Machines Robotics, Inc., a Boston-based autonomous technology company that specializes in advanced software for unmanned surface vessels (USVs).
“This investment represents our commitment to advanced innovation and competencies across the unmanned systems market,” said Andy Green HII executive vice president and president of Technical Solutions. “Sea Machines is making significant strides in the USV industry. We want to invest in their growth and continue to form complementary partnerships across this key domain.”Sea Machines was founded in 2015 and is an autonomous technology company that specializes in advanced control technology for workboats and other commercial surface vessels. They have installed their innovative autonomy software on vessels worldwide and support customers in the commercial, recreational and government market sectors. Their commercial, off-the-shelf technology can support remote controlled or fully autonomous command of vessels.“Our partnership with Sea Machines gives us immediate access to state-of-the art solutions for U.S government work in the USV space,” said Duane Fotheringham, president of Technical Solutions’ Unmanned Systems. “Sea Machines’ products align well with our existing autonomy capabilities, and we look forward to collaborating with their team on USV pursuits.”HII continues to expand in the rapidly growing autonomous and unmanned maritime systems industry. Earlier this year they added additional unmanned underwater vehicle capabilities — with REMUS and Seaglider product lines through the March acquisition of Hydroid. While the company has worked on USVs in the past, this investment represents another milestone in their commitment to strengthen their leadership in unmanned systems.Huntington Ingalls Industries is America’s largest military shipbuilding company and a provider of professional services to partners in government and industry. For more than a century, HII’s Newport News and Ingalls shipbuilding divisions in Virginia and Mississippi have built more ships in more ship classes than any other U.S. naval shipbuilder. HII’s Technical Solutions division supports national security missions around the globe with unmanned systems, defense and federal solutions, and nuclear and environmental services. Headquartered in Newport News, Virginia, HII employs more than 42,000 people operating both domestically and internationally. For more information, visit:
HII on the web: www.huntingtoningalls.comHII on Facebook: www.facebook.com/HuntingtonIngallsIndustriesHII on Twitter: twitter.com/hiindustriesHII on YouTube: www.youtube.com/huntingtoningalls HII on Instagram: www.instagram.com/huntingtoningalls Statements in this release, other than statements of historical fact, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Factors that may cause such differences include: changes in government and customer priorities and requirements (including government budgetary constraints, shifts in defense spending, and changes in customer short-range and long-range plans); our ability to estimate our future contract costs and perform our contracts effectively; changes in procurement processes and government regulations and our ability to comply with such requirements; our ability to deliver our products and services at an affordable life cycle cost and compete within our markets; natural and environmental disasters and political instability; our ability to execute our strategic plan, including with respect to share repurchases, dividends, capital expenditures and strategic acquisitions; adverse economic conditions in the United States and globally; health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic; changes in key estimates and assumptions regarding our pension and retiree health care costs; security threats, including cyber security threats, and related disruptions; and other risk factors discussed in our filings with the U.S. Securities and Exchange Commission. There may be other risks and uncertainties that we are unable to predict at this time or that we currently do not expect to have a material adverse effect on our business, and we undertake no obligation to update any forward-looking statements. You should not place undue reliance on any forward-looking statements that we may make. This release also contains non-GAAP financial measures and includes a GAAP reconciliation of these financial measures. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures.Contact:Beci Brenton
[email protected]
(202) 264-7143
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