General Dynamics to Acquire Earl Industries’ Ship Repair Division

(Press Release)
Friday, June 29, 2012

General Dynamics (NYSE: GD) 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.



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