General Dynamics to buy ship repair company

Defense contractor General Dynamics to buy division of private Naval ship repair company

Associated Press

FALLS CHURCH, Va. (AP) -- Defense contractor General Dynamics Corp. says it plans to buy an East Coast ship repair company that supports the Navy fleet in Virginia and Florida.

The Falls Church, Va.-based company said Friday it has entered into an agreement to acquire the ship repair and coatings division of privately held Earl Industries.

Terms of the deal expected to close this summer were not disclosed.

General Dynamics says the Earl Industries division employs about 575 workers in the Norfolk, Va., and Mayport, Fla., areas. It has been conducting Navy ship repair and conversions since 1985. Officials say the move enhances General Dynamics' ability to deliver cost-effective maintenance and repair services to the Navy.

The acquisition will become part of the shipbuilding, maintenance and repair operations of San Diego-based General Dynamics NASSCO.

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