SOUTH MISSISSIPPI (WLOX) - Huntington Ingalls Industries announced Friday morning they will be stepping into the oil and gas industry through the purchase of UniversalPegasus International. The company provides engineering and project management services to the domestic and international energy markets.
"We are very excited about bringing UPI into the Huntington Ingalls family," said Mike Petters, President and CEO of Huntington Ingalls. "We view this acquisition as an opportunity to create further value for our stakeholders while entering the growing oil and gas market with a reputable and established company."
UPI has been in the energy industry for more than 50 years and employs around 1,500 people. Officials from Huntington Ingalls say the value of the transaction is not being disclosed, but the final closing should take place in June.
"We look forward to becoming part of the HII team and the growth opportunities this will provide our customers and employees," said UPI President and CEO Philip Luna.
UPI is a privately held company headquartered out of Houston, TX.