Newport News gains solid ground

Article Abstract:

Newport News Shipbuilding and Dry Dock Co posted earnings before tax and interest of $193 million from total revenues of $1.86 billion in 1998, an increase from the $1.86 billion it reported for 1998. The shipbuilder's financial performance benefited from increased buildings in the US naval fleet. These include building activities aboard two of the nation's aircraft carriers, the USS Nimitz and the USS Enterprise.

Sales, profits & dividends

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General Dynamics bids to acquire Newport news

Article Abstract:

General Dynamics Corp (GD) has made an unsolicited bid for Newport News Shipbuilding (NNS) worth $1.5 billion. GD justified its bid for NNS because of the 'superb strategic fit' between their firms. In Jan 1999, a proposed merger between NNS and Avondale Industries was announced. The Dept of Defense informed the Dept of Justice's Antitrust Div that it was opposed to the merger between NNS and GD. NNS will hold a shareholders' vote after a SEC ruling on the proposed merger.

Asset sales & divestitures, Acquisitions & mergers

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