SUPERIOR, WI (Northern News Now) – Fraser Shipyards has entered into an agreement with the equity firm Wildcat Defense, which plans a large expansion of the shipyard and manufacturing in Superior.
Wildcat Defense will invest 350 million dollars into Fraser Shipyards over the next five years, saying it hopes to triple production while also creating more jobs in the community.
Fraser and Wildcat Defense leaders gathered at the Superior shipyard Wednesday to announce the acquisition.
Fraser co-owner and CEO Patrick Kelly will stay on in his role. Kelly said the move would help the company expand production and jobs in Superior.
“We’re creating great jobs bringing back American shipbuilding in the heartland of America, it’s great for the community,” Kelly said.
Wildcat Defense Chairman and Group Chief Executive Eric Nicolaides said the company plans to add onsite daycare for employees and add artificial intelligence technology for business data. Nicolaides said AI use poses no risk to jobs at the shipyard.
Nicolaides said the company is hoping to give seasonal workers the opportunity to work full time.
Wildcat Defense is part of Wildcat Equity Partners, a Florida-based investment firm that backs defense and infrastructure projects.
Wildcat said it plans to build a new 100,000-square-foot production facility for small and medium vessels, as well as a large boat production facility for lakers up to 1,000 feet in size.
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