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.

 


 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Contracts

DP World Logs 3.0% Growth

DP World Limited handled 61.7 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during 2015, with gross container volumes growing by 3.

Total Signs Deal to Supply LNG to China's ENN

Total SA has signed an agreement to supply liquefied natural gas to ENN Energy in China, according to a news release on the French energy company's website.   The deal is for 0.

Topaz Responder Saves Refugee Migrants

Topaz Energy and Marine has emerged as an unlikely player in the effort to save refugee migrants risking their lives on the sea crossing from Turkey to Greece’s islands in order to reach Europe.

Shipbuilding

SA Navy Acquires Damen ATD Tug

On 4 February 2016 the South African Navy took delivery of a second South African-built Damen ATD Tug 2909 at the naval base in Simon’s Town. Escorted by SA Navy's existing six tugs,

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Finance

DP World Logs 3.0% Growth

DP World Limited handled 61.7 million TEU (twenty-foot equivalent units) across its global portfolio of container terminals during 2015, with gross container volumes growing by 3.

Cyprus Shipping 'Navigates' the Country to Recovery

Cyprus shipping sector has evolved in the recent years as one of the leading sectors of the economy and “navigates” Cyprus to economic recovery, President of the

Sardines Boost Murmansk Port Turnover

In January 2016 turnover of the Murmansk Marine Fishing Port reached 22 thousand tons of cargo, including 15 thousand tons of fish. This is higher than last year,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Winch
rss | archive | history | articles | privacy | 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: 0.0931 sec (11 req/sec)