The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

General Dynamics Completes Acquisition of Earl Industries' Ship Repair Division

Wednesday, August 01, 2012

General Dynamics Completes Acquisition of Earl Industries' Ship Repair Division10:00 EDT Wednesday, August 01, 2012Transaction expands company's capabilities in ship-repair marketFALLS CHURCH, Va., Aug. 1, 2012 /PRNewswire/ -- General Dynamics (NYSE: GD) yesterday completed its acquisition of 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, Fl.  The acquisition is expected to be accretive to General Dynamics' earnings in 2013."The acquisition of the Ship Repair and Coatings Division of Earl Industries enhances our ability to compete in the growing naval ship-repair market," said Fred Harris, president, General Dynamics NASSCO.  "We have added a solid team with a successful track record that will strengthen our ability to deliver cost-effective maintenance and repair services to the U.S. Navy."The Ship Repair and Coatings Division of Earl Industries 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.  It now becomes part of the shipbuilding 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.General Dynamics NASSCO also is a prime contractor for MSMO contracts for Navy combat and support ships, including frigates (FFGs), dock landing ships (LSDs), amphibious transport ships (LPDs) and amphibious assault (LHA/LHD) ships. More information about General Dynamics NASSCO can be found at www.nassco.com.More information about General Dynamics is available online at www.generaldynamics.com.SOURCE General DynamicsFor further information: Media: Rob Doolittle, General Dynamics, +1-703-876-3199, or Investors: Amy Gilliland, General Dynamics, +1-703-876-3748