Electric Boat plans to close its Avenel facility by year end
Action is prompted by declining workload
GROTON, Conn. -- Electric Boat today announced that it plans to shut down its facility in Avenel, N. J., Electro Dynamic, by the end of the year because of a declining workload.
"For many years, our Avenel facility has maintained and advanced its reputation for excellence in the design and manufacture of quiet rotating machinery, motors and fans for the U. S. Navy," said EB President Mike Toner, who announced the shutdown at an all-hands meeting earlier today at Avenel.
"Our employees at Avenel have done an outstanding job and contributed significantly to the success of General Dynamics and the Navy," said Toner. "Unfortunately, we don’t believe there is enough work – current or projected – to keep the facility operating."
The Avenel facility currently employs 111 people, about one third of whom are eligible to retire. A limited number of employees will be offered positions at Electric Boat’s Groton operation, where Avenel’s work will be consolidated. The remainder of the work force will be provided with career-transition assistance.
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Any "forward-looking statements" contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Friday, May 5, 2000
Press Contact: (703) 876-3190
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