General Dynamics Corp (GD)
By land, air, or water - General Dynamics has it all covered. It develops jets for business travelers, submarines and sea vessels for the U.S. Navy, and combat vehicles for the U.S. Army.
Electric Boat to lay off 434 workers
GROTON, Conn. (AP) - Submarine manufacturer Electric Boat says it has notified 434 employees they will be laid off due a downturn in work.
The company said Friday that the hourly production and production-support workers at the Groton shipyard will receive a formal 60-day notice before their jobs are eliminated in April.
Electric Boat, a subsidiary of Virginia-based General Dynamics Corp., warned earlier this month that layoffs were possible due to lost submarine maintenance, overhaul and repair work. The company also cited a drop in cyclical work resulting from the shipyard's delivery of one Virginia-class submarine every other year.
Laid-off employees may seek work in Electric Boat's design organization, which is hiring.
The president of the Metal Trades Council, which represents the workers, could not be immediately reached for comment.
Events
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October142010Distinction Group, Inc. expected to report Q3 2010 results on October 14, 2010. This event was calculated by Capital IQ (Created on July 16, 2010).
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October272010General Dynamics Corp., Q3 2010 Earnings Call, Oct-27-2010
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January262011General Dynamics Corp. expected to report Fiscal Year 2010 results on January 26, 2011. This event was calculated by Capital IQ (Created on June 27, 2010).
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February282011Distinction Group, Inc. expected to report Fiscal Year 2010 results on February 28, 2011. This event was calculated by Capital IQ (Created on June 27, 2010).
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