Ship repair acquisition in the works

July 2, 2012 at 10:33 AM
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FALLS CHURCH, Va., July 2 (UPI) -- A U.S. ship repair company is being acquired by General Dynamics in a move to enhance General Dynamics NASSCO operations.

The financial details for the takeover of Earl Industries' Ship Repair and Coatings Division were not disclosed.

"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 Earl Industries division supports the U.S. Navy at facilities in Norfolk, Va., and Mayport, Fla., conducting ship repair and conversions. It is also a prime contractor for nuclear aircraft carrier multi-ship, multi-option work for maintenance, modernization and repair to all ships of a class in specific home port areas.

General Dynamics said it expects to close the transaction this summer.

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