Page 26: of Maritime Reporter Magazine (May 2001)

Naval Report

Warner, chairman of the Senate Armed

Services Committee. The Virginia

Republican was a strong opponent of a

General Dynamics-Newport News com- bination in 1999. "Newport News is a solid, well-run company with sustainable revenues and earnings and strong cash flow. Our offer reflects its inherent worth, offers New- port News shareholders an attractive premium, and provides a wonderful opportunity to save significant amounts of money for the U.S. Navy while retaining both nuclear shipyards, " said

Chabraja.

Chabraja would not set a target on total cost reductions from the deal. He stressed that there were no plans to close shipyards or reduce staff, which tempers labor concerns in Virginia, the home state of both companies. In, as Fricks pointed out, the recent review of the

Navy business expressed a specific need for two nuclear-capable yards in the

U.S.

General Dynamics, headquartered in

Falls Church, Va., employs approxi- mately 46,000 people worldwide and anticipates 2001 sales of approximately

SI 1.5 billion. The company has leading market positions in business aviation, information systems, shipbuilding and marine systems, and land and amphibi- ous combat systems. It currently owns three of the "Big Six" U.S. shipyards,

Bath Iron Works, General Dynamics-

Electric Boat, and NASSCO.

Newport News Shipbuilding, head- quartered in Newport News, Virginia, designs and constructs nuclear-powered aircraft carriers and submarines for the

U.S. Navy and provides life-cycle ser- vices for ships in the Navy fleet. The company employs approximately 17,000 employees and had 2000 rev- enues of S2.07 billion, and net income of $90 million. 18 Bender Drive, Hobart,Tasmania 7009 Australia. TEL:+61 3 6273 0677 FAX:+61 3 6273 0932

Email: [email protected] Website: http://www.incat.com.au

Circle 249 on Reader Service Card

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Circle 268 on Reader Service Card . . www.maritimetoday.com .

The merger of General Dynamics with Newport

News would effectively create one company in the U.S. with the capability to build nuclear air- craft carriers (such as the John C. Stennis, CVN- 74, pictured at builder's trials); and nuclear sub- marines, such as SSN 766 Charlotte, pictured on sea trials. Both companies maintain, howev- er, that they have not been directly competitive since 1991.

Maritime Reporter & Engineering News

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