EPS Corp., of Tinton Falls, N.J., acquired a 50 percent stake in Vectorworks Marine, a Titusville, Fla.-based builder of composite vessels.
Terms of the deal were not disclosed.
“EPS is pleased to join Vectorworks as a partner,” EPS chairman and CEO Francesco Musorrafiti said in a statement. “We have, from Day One, been highly impressed with Vectorworks, its engineering capabilities, its professionalism, and the quality of its production and vessel manufacturing facilities.”
The Vectorworks facility specializes in vessels for recreational, sport, military and commercial use. Presently under construction is the first of two EPS M-10 Hovercraft vessels for delivery this year to the Saudi Arabian Ministry of the Interior, for use by the naval guard.