General Dynamics to Acquire Earl's Ship Repair Division

Press Release
Monday, July 02, 2012

Transaction will expand General Dynamics' capabilities in ship maintenance and repair market

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 (CVN) multi-ship, multi-option (MSMO) 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.
 


 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Rederij Groen Takes Delivery of 7-Waves

Rederij Groen’s entire SRSV fleet built by Damen Maaskant Shipyards Stellendam. Dutch offshore services company Rederij Groen has taken delivery of the 7-Waves,

De Beers Orders Specialized Ship from Kleven

Kleven signed a contract with diamond company De Beers Marine Namibia, part of De Beers Group, on the building of a highly specialized vessel for deep water mineral exploration.

FMT Options for another Towboat from Eastern

Eastern Shipbuilding Group, Inc. announce that Florida Marine Transporters, Inc. of Mandeville, La. exercised another additional 90’x32’x10’ “Canal Class” Inland

Ship Repair & Conversion

Moore Stephens Expects Vessel Operating Cost to Rise

Vessel operating costs are expected to rise by almost three per cent in both 2014 and 2015, according to a new survey by international accountant and shipping consultant Moore Stephens.

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Mitsubishi Super Skiving System

Mitsubishi Heavy Industries, Ltd. (MHI) has completed development of the "Mitsubishi Super Skiving System" for machining internal gears with high speed and outstanding precision.

Mergers & Acquisitions

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

Foster Wheeler & MDM Engineering Merged

Foster Wheeler AG announced today that an indirect wholly owned subsidiary of the Company has completed the acquisition of MDM Engineering Group Limited (“MDM”)

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1177 sec (8 req/sec)