Business

June 29, 2012

General Dynamics to acquire Earl Industries’ ship repair division

General Dynamics has entered an agreement to acquire the Ship Repair and Coatings Division of Earl Industries, a leading East Coast ship repair company that supports the U.S. Navy fleet in Norfolk, Va., and Mayport, Fla.

The value of the cash transaction, which General Dynamics expects to be accretive to earnings in 2013, has not been disclosed. The transaction is subject to customary closing conditions and is expected to close this summer.

Earl Industries is a privately held company. The Ship Repair and Coatings Division employs approximately 575 workers in the Norfolk and Mayport areas. Earl Industries has been conducting U.S. Navy ship repair and conversions since 1985. It is a prime contractor for nuclear aircraft carrier multi-ship, multi-option contracts. MSMO contracts provide for maintenance, modernization and repair to all ships of a class in specific homeport areas. The company also provides maintenance and repair services to frigates and other classes of naval ships.

“The acquisition of the Ship Repair and Coatings Division of Earl Industries will extend the reach of NASSCO’s ship maintenance and repair operations in two key East Coast naval ports,” said Fred Harris, president, General Dynamics NASSCO. “This move enhances General Dynamics’ ability to deliver cost-effective maintenance and repair services to the U.S. Navy, maximizing the life of in-service ships for the betterment of the entire U.S. fleet.”

The Ship Repair and Coatings Division of Earl Industries will become part of the shipbuilding, maintenance and repair operations of San Diego-based General Dynamics NASSCO, a leading provider of ships to the Navy and a major producer of Jones Act commercial vessels.




All of this week's top headlines to your email every Friday.


 
 

 
dassault

Dassault Falcon Jet establishes new pilot operational support team

Arnaud Paulmier, head of Dassault Falcon Jet’s new operational support team. Dassault Falcon Jet recently established a new Pilot Operational Support Team in Teterboro, N.J., to support operators in the Western Hemisphere. Th...
 
 

U.S. Navy awards Raytheon $49.5 million enhanced Laser Maverick production contract

The U.S. Navy has awarded Raytheon a $49.5 million contract for production of new laser-guided Maverick missiles (AGM-65E2/L). The Navy also intends to exercise a contract option to purchase additional units bringing the total contract value to $54.9 million. The Maverick weapon system, a U.S. Air Force-led joint service program, is a forward firing, precision-guided,...
 
 
Northrop Grumman photograph by Alan Radecki

Second Northrop Grumman-built Triton UAS completes first flight

Northrop Grumman photograph by Alan Radecki The second MQ-4C Triton, built by Northrop Grumman for the U.S. Navy, successfully completed its first flight Oct. 15 PALMDALE, Calif. – The U.S. Navy’s second MQ-4C Triton un...
 

 
Raytheon photograph

Poland’s PIT-RADWAR signs letter of intent with Raytheon

Raytheon photograph Mike Shaughnessy, Vice President of Supply Chain, Raytheon Integrated Defense Systems and Jerzy Milosz, Member of Board and Director of R&D, PIT-RADWAR sign a letter of intent to explore further partners...
 
 

Raytheon to resume work on new electronic warfare planning management software program

The U.S. Army has directed Raytheon to resume work on an Electronic Warfare planning management software program that for the first time will give it automated tools to help plan and execute complex electronic warfare missions. The program restart follows a ruling by the U.S. Court of Federal Claims, which denied the protest filed by...
 
 

Northrop Grumman JCREW achieves milestone C; Program to enter production, deployment phase

Northrop Grumman has received Milestone C approval for its Joint Counter Radio-Controlled Improvised Explosive Device Electronic Warfare Increment 1 Build 1 (I1B1) system from the U.S. Naval Sea Systems Command. The JCREW I1B1 system is a jammer that defeats devices used to trigger improvised explosive devices (IEDs). Northrop Grumman developed mounted, dismounted and fixed-site variants...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>