US DoD turns down General Dynamics
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Monday, January 26, 2015

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US DoD turns down General Dynamics


The US Department of Defence does not support the proposed General Dynamics Corp. acquisition of Newport News Shipbuilding Inc. The Department has decided that the savings projected by General Dynamics did not outweigh potential competitive disadvantages from the proposed merger.
The DoD concluded that the proposed merger offered the prospect of substantial potential savings, but also believed that savings could be realised if Newport News became more efficient. The Navy and Newport News entered into discussions to this end. Both Newport News and General Dynamics' Electric Boat Division build nuclear submarines. Newport News will now go ahead with a merger with Avondale. Commenting on the decision William P. Fricks, chairman and chief executive officer of Newport News, said, "Given that DoD does not support a General Dynamics-Newport News combination, we are unable to conclude that a merger with General Dynamics could close. D. Chabraja, General Dynamics chairman and chief executive officer.
More information: Defense Systems Daily


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