Triple A South, the 18-year-old ship repair firm, will close its doors today, throwing 150 employees out of work.
The company, which is owned by Triple A North in San Francisco, lost about $7 million in the last four years, according to a company source.
Triple A South’s closure spells another downturn for the slumping San Diego shipyard industry. Earlier this month, National Steel & Shipbuilding Co. lost its effort to win a $1-billion Navy contract and will trim its 3,800-member work force to between 1,000 and 1,500 by year-end.
As of July, about 6,300 people were employed in the San Diego shipbuilding and repair industry, down from 7,500 in July, 1985. By year’s end, however, that figure will drop to 3,900 at most.
Triple A South has placed many of its workers in other jobs and will continue to work with the San Diego Ship Repair Assn. to find employment for the laid-off workers, a company official said.
About 90% of Triple A South’s repair business was for the Navy; the rest was commercial, according to a company official.
One of the firm’s drawbacks was that it didn’t have waterfront property, a company source said.