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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 25, 1997
NEWPORT NEWS SHIPBUILDING INC.
(Exact name of registrant as specified in its charter)
Delaware 1-12385 74-1541566
(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
4101 Washington Avenue, Newport News, VA 23607-2770
(Address of principal executive offices) (Zip Code)
(757) 380-2000
(Registrant's telephone number, including area code)
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ITEM 5. Other Events.
The information contained in the Company's News Release of
February 25, 1997, set forth as Exhibit 20.1 to this Current Report on Form 8-K,
is hereby incorporated into this Item 5 by reference.
ITEM 7. Financial Statements and Exhibits.
(c) Exhibits
See pages 3 through 5 of this Report.
20.1 News Release of Newport News Shipbuilding Inc. dated February 25, 1997
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
February 27, 1997 NEWPORT NEWS SHIPBUILDING INC.
/s/ Stephen B. Clarkson
-----------------------------------
By: Stephen B. Clarkson
Vice President, General Counsel and
Secretary
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NEWS [NEWPORT NEWS SHIPBUILDING -- LOGO] NEWPORT NEWS
RELEASE SHIPBUILDING
{The following is a joint news release from Newport News Shipbuilding and
General Dynamics}
- --------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE CONTACT:
GD--Norine Lyons (703)876-3190
ED--Neil Ruenzel (860)433-8556
NNS--Jerri Dickseski (757)380-2341
General Dynamics and Newport News Shipbuilding Sign
Teaming Agreement for Construction of New Attack Submarine
FALLS CHURCH, VA & NEWPORT NEWS, VA, February 25, 1997 -- Electric Boat
Corporation -- a subsidiary of General Dynamics (NYSE: GD) -- and Newport News
Shipbuilding (NYSE: NNS) announced today that at the urging of the U.S. Navy
they have reached a teaming agreement to cooperatively build the Navy's New
Attack Submarine, NSSN.
Under the terms of the agreement the companies will be equal team members
on construction of each of the first four submarines in this new class. This
requires an alteration to existing law, contained in last year's Defense
Authorization Act, which directs independent submarine construction by the two
yards.
. Electric Boat will perform final assembly, testing, outfitting and
delivery of the first and third submarines. For all four submarines,
EB will construct the engine room modules, command and control
modules, and seven other sections of the ship. Electric Boat will
continue its role as lead design yard.
. Newport News will perform final assembly, testing, outfitting and
delivery of the second and fourth submarines. For all four submarines,
NNS will construct the sail, the habitability and auxiliary machinery
room modules and six other sections.
...more
4101 WASHINGTON AVENUE - NEWPORT NEWS, VIRGINIA 23607-2770
http:\\www.nns.com
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NSSN TEAMING--2
The previous construction plan would have had the two companies working
independently, with each building two of the four submarines.
"This is a forward-looking approach to the challenges of post-Cold War
shipbuilding," said Electric Boat President John Welch. "For Electric Boat and
the shareholders of General Dynamics, it provides stability to our submarine
business base; for the Navy, it will mean superior technologies with a faster
climb up the learning curve. The teaming agreement will generate significant
cost savings: it's an innovative and sensible use of taxpayer dollars, and
everyone wins."
"The Navy's critical need for new ships, in the face of very limited
budgets, led us to think of creative ways of building value for our company and
the government," said Newport News Shipbuilding Chairman and Chief Executive
Officer William P. Fricks. "This teaming of two great submarine builders was
the best approach. The Navy will get the most capable and advanced submarines
possible, while saving hundreds of millions of dollars in near-term ship
acquisition costs. At the same time, we are assured of a more solid outlook in
our submarine business."
The New Attack Submarine is a multimission-capable submarine that has the
ability to provide covert sustained presence around the world. The NSSN
operational missions include surveillance, strike warfare, mine countermeasures,
and anti-submarine warfare.
Electric Boat was founded in 1899 to produce the U.S. Navy's first
submarine, and has remained at the forefront of submarine design, construction
and technology development. It is currently building three Seawolf submarines,
as well as Louisiana, the final Trident submarine, and is designing the NSSN,
the most complex product ever to be completely developed on computer. General
Dynamics' other businesses include surface combatant ships, armored vehicles,
and other combat systems. General Dynamics has annualized sales of approximately
$4 billion.
...more
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NSSN TEAMING --3
Newport News Shipbuilding is America's largest ship design and construction
company. It has produced approximately 800 ships during its 111 years of
operations--including Navy aircraft carriers, submarines and cruisers. The
company is currently building the nuclear-powered aircraft carriers Harry S.
Truman (CVN 75) and Ronald Reagan (CVN 76) and nine 46,500-ton double-hull
commercial product tankers, and has begun preparations for construction of the
NSSN. The company's 1996 revenues totaled $1.87 billion, with earnings before
interest and taxes of $140 million.
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