General Dynamics will acquire Norfolk shipyard Metro Machine
Metro Machine employs about 400 people on the Berkley riverfront across from downtown. Navy facilities. Justice Department, in consultation with the Defense Department. It is expected to close in November.Although Winstrol Alternatives terms of the sale were not disclosed Wednesday, Richard Goldbach, Metro's CEO, said the employee owned stock ownership plan would receive $148 million after repayment of Metro's debt and other obligations.An additional $16 million would be placed in escrow to serve as a fund to satisfy certain claims General Dynamics might have. Any remaining balance after 18 months would flow to the employee stock owners.General Dynamics is based in Falls Church and intends to fold Metro Machine into the shipbuilding and repair operations of NASSCO, a San Diego based unit that employs 3,400 and is the largest shipbuilding and repair company on the West Coast."We're acquiring Metro Machine because we think it represents a growth opportunity," Rob Doolittle, a spokesman, said Wednesday. "The Navy is one of General Dynamics' largest customers today, and we provide very similar type services to the Navy on the West Coast. So we see this as an opportunity to expand our repair offerings Testosterone Enanthate Liver to the Navy and hope to grow."General Dynamics owns two "Achat Anabolisant Belgique" other East Coast shipyards Bath Iron Works "Buy Cheap Jintropin Online" in Bath, Maine, and Electric Boat in Groton, Conn."We have a business group called Marine Systems that comprises those shipyards," Doolittle said. "A majority of their work is new construction, but service and repair "buy cheap jintropin online" is a growing portion of that portfolio."Richard Sobocinski, vice president/contracts at Colon na's Shipyard in Norfolk and a former employee at Bath Iron Works, said he didn't think the deal would change the repair "factor" in the port."I think it makes Metro "Oxandrolone Powder India" a lot more stable than they were under small, private ownership," he said. "Actually, there may Buy Cialis Norway be some opportunity for small businesses in the area to work with them."Metro Machine is the second major Navy ship repair yard in Hampton Roads acquired by a major defense contractor. Its neighbor in Sustanon 250 Weekly Dosage Berkley, Norshipco, was bought by BAE Systems in 2005.In his letter to employee stock owners, Goldbach said he accepted the offer based on the advice of GreatBanc Trust Co.General Dynamics' businesses encompass the marine, aerospace, defense, communications and electronics industries, according to its website. While it sold off many of its defense related companies in the early 1990s, it began expanding again in 1995. Users must follow agreed upon rules: Be civil, be clean, be on topic; don't attack private individuals, other users or classes of people. Read the full rules here. Comments are automatically checked for inappropriate language, but readers might find some comments offensive or inaccurate. If you believe a comment violates our rules, click the report violation link below it.