Two years after it was put up for sale, the former Avondale shipyard has found a buyer, but few details have been released about the idle West Bank facility’s future.
Huntington Ingalls Industries executives disclosed the development Aug. 3 in an earnings call with analysts. The Daily Press of Newport News, Virginia, where the defense giant is based, first reported the news Tuesday.
“We signed a purchase-and-sale agreement for the sale of the property,” Chris Kastner, Huntington Ingalls’ chief financial officer, told analysts, according to the report. “While this is a positive step toward an eventual sale, a comprehensive due diligence process will now be initiated before the potential buyer is obligated to close.”