Todd Shipyards said it has agreed to buy the assets of Everett Shipyard and plans to retain the unionized work force as well as the shipyard's...

Share story

Todd Shipyards said it has agreed to buy the assets of Everett Shipyard and plans to retain the unionized work force as well as the shipyard’s president.

Seattle-based Todd also cut its dividend to 5 cents from 15 cents. It said the move reflects current business conditions, the company’s need for working capital to build ferries for the Washington State Ferry System, and the Everett acquisition.

Financial terms of the shipyard purchase were not disclosed.

Todd said the acquisition includes a 1,000-ton dry dock that was recently added to Everett Shipyard’s operations. Plans include building out a ship repair facility on a newly leased waterfront parcel at the Port of Everett.

The transaction is expected to close next month, pending approval by the Port of Everett, which is the shipyard’s landlord.