facebook
twitter
rss
account
search
search
 

GenDyn acquiring ship repair company

Sept. 23, 2011 at 6:32 AM   |   Comments

FALLS CHURCH, Va., Sept. 23 (UPI) -- General Dynamics has entered an agreement to acquire Metro Machine Corp., a surface-ship repair company that supports the U.S. Navy fleet in Norfolk, Va.

The value of the cash transaction, which is expected to be accretive to General Dynamics' earnings beginning in 2012, wasn't disclosed.

The transaction, which is subject to normal regulatory approvals, is expected to close in November, General Dynamics said.

Metro Machine Corp. is a privately held company that has been conducting Navy ship repair and conversions since 1972. Metro Machine Corp. is a prime contractor in Norfolk for multi-ship, multi-option contracts for combat and support ships for the Navy, including frigates dock landing ships and amphibious transport ships.

Metro Machine Corp. will become part of the shipbuilding and repair operations of General Dynamics NASSCO, a business unit of General Dynamics, which has headquarters in San Diego.

"With its Norfolk location, Metro Machine Corp. will extend the reach of NASSCO's ship-repair operations to a key East Coast naval port," said Fred Harris, president of General Dynamics NASSCO.

"This move will enhance General Dynamics' ability to deliver cost-effective maintenance and repair services to the U.S. Navy, helping the Navy to maximize the life of in-service ships and better serve the ship-repair needs of the entire U.S. fleet."

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Continental Resources declares win in Oklahoma basin Continental Resources declares win in Oklahoma basin
2
Maker of Camel cigarettes bans smoking in workplace Maker of Camel cigarettes bans smoking in workplace
3
U.S. oil exports at highest level since 1957 U.S. oil exports at highest level since 1957
4
Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal Brazil, Argentina to strenghten aerospace cooperation; talk Gripen deal
5
More U.S. funding targets solar energy research More U.S. funding targets solar energy research
Trending News
Around the Web
x
Feedback