General Dynamics set to buy US Navy support company

General Dynamics has entered an agreement to acquire Metro Machine, a surface-ship repair company that supports the US Navy fleet in Norfolk, Virginia.

The value of the cash transaction, which is expected to be accretive to General Dynamics’ earnings beginning in 2012, has not been disclosed.

The transaction is subject to normal regulatory approvals and is expected to close in November.

Metro Machine Corp is a privately held company which employs approximately 400 workers. It has been conducting US Navy ship repair and conversions since 1972.