THE VIRGINIAN-PILOT
Copyright (c) 1995, Landmark Communications, Inc.
DATE: Friday, September 15, 1995 TAG: 9509130439
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
TYPE: DIGEST
LENGTH: Short : 23 lines
General Dynamics Corp. said Wednesday it completed the purchase of Bath Iron Works, one of the U.S.'s oldest shipyards, for $300 million in cash. General Dynamics won't assume any debt. General Dynamics received clearance from the Federal Trade Commission on Tuesday to buy the closely held shipyard in Bath, Maine.
This allowed the companies to close the acquisition a few days early. With the addition of Bath Iron Works, which has struggled in recent years because of a shrinking military budget, General Dynamics becomes one of the two U.S. makers of the Navy's Arleigh Burke destroyers. (Bloomberg) by CNB