Earl Industries Division to Become Part of NasscoMonday, July 2, 2012
General Dynamics agreed to buy the Ship Repair and Coatings division of Earl Industries, a ship repair facility that supports the U.S. Navy in Virginia and Florida, for an undisclosed price, the company said June 29.
GD said the division and its 575 employees will become part of GD Nassco, the last major shipbuilding yard on the West Coast based in Barrio Logan, that builds and repairs ships for both the Navy and commercial customers.
The transaction is subject to customary closing conditions and is expected to be completed by this summer, the company said.
Earl Industries has been providing ship repair and conversions to the Navy since 1985.
Fred Harris, president of Nassco, said the acquisition of SRC will extend the reach of Nassco’s ship maintenance and repair operations in two key East Coast naval ports, as well as enhance the company’s ability to deliver its services more cost effectively.