Attached files
| file | filename |
|---|---|
| 8-K - TODD SHIPYARDS CORP | v206373_8k.htm |
| EX-2.1 - TODD SHIPYARDS CORP | v206373_ex2-1.htm |
| EX-10.4 - TODD SHIPYARDS CORP | v206373_ex10-4.htm |
| EX-10.6 - TODD SHIPYARDS CORP | v206373_ex10-6.htm |
| EX-99.3 - TODD SHIPYARDS CORP | v206373_ex99-3.htm |
| EX-99.4 - TODD SHIPYARDS CORP | v206373_ex99-4.htm |
| EX-10.5 - TODD SHIPYARDS CORP | v206373_ex10-5.htm |
| EX-99.1 - TODD SHIPYARDS CORP | v206373_ex99-1.htm |
| EX-99.5 - TODD SHIPYARDS CORP | v206373_ex99-5.htm |
Exhibit
99.2
(Form of
Employee Letter)
Dear Todd
Employees,
Today is
a big day for Todd Shipyards Corporation, and I am happy to share the news with
you.
Vigor
Industrial, LLC has made a proposal to acquire all of the shares of Todd
Shipyards Corporation. Today these shares are owned by thousands of people and
bought and sold on the New York Stock Exchange. Our Board of
Directors has reviewed the Vigor proposal and is recommending to stockholders
that they accept this offer.
If
sufficient numbers of shares are tendered, then the thousands of shareholders
who currently own Todd Shipyards Corporation will transfer their ownership to
Vigor, which is a private company and will be the new owner of
Todd. This ownership will include all of Todd’s subsidiaries,
including Todd Pacific Shipyards Corporation and Everett Shipyard,
Inc.
This sale
will bring together the premier shipbuilding and ship repair companies in
Washington and Oregon to create the largest and most capable marine services
provider in the Pacific Northwest.
Vigor
will add its shipyard and industrial operations in Portland, Port Angeles,
Bremerton, Everett and Tacoma with our existing facilities in
Washington. Our highly skilled and experienced employees, strong
leadership and extensive experience with complex government contracts will join
with Vigor, which has used its entrepreneurial energy to become the maritime
industry leader in Oregon.
We feel
fortunate to have found an ambitious partner that understands our business, has
roots in the Pacific Northwest and is oriented towards growth in our
industry.
All
existing union contracts, as well as all Todd policies and procedures, will
remain in place, and all current leadership will be retained, which should
provide some assurance and continuity to all of us.
The
larger and stronger company that comes out of this acquisition will enhance the
ability of the Northwest maritime industry to compete on the West Coast and
around the country. Uniting our resources and capabilities will
enable the company to expand the scope and capacity of our ship repair and new
construction operations, and our combined experience will provide a level of
quality, efficiency and skills second to none.
This sale
and conversion to a private company is ultimately testament to your incredible
performance as employees. Todd has stayed focused on constantly
improving our operations and today we are thriving, in contrast to some dark
days years ago. Our current success is because of your dedication and
hard work. I see this development as really just the next chapter in
a 94-year success story.
Sincerely,