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Naval Report lowing the announcement of a definitive agreement for GD to acquire NNS in a cash tender offer for all NNS's outstand- ing shares. The transaction is valued at approximately $2.6 billion, including approximately $500 million of existing NNS's debt. GD, continuing the consol- idation process of the defense sector, plans to acquire NNS in a transaction that will combine its Navy shipbuilding and submarine business with the subma- rine and aircraft carrier businesses of NNS. This transaction would make GD the sole supplier of submarines and air- craft carriers for the U.S. Navy. Moody's review will focus on the strategic benefits of this transaction for GD as well as on the potential synergies of combining the shipyard operations of the two companies. These potential syn- ergies will be considered in the context of any limitations or requirements that may be imposed by regulators or the DOD as part of the approval process for the transaction. In its review, Moody's will also consider the challenges which GD may face in integrating NNS into its operations, and the company's ability to avoid the difficulties that have occurred in other recent business combinations in the aerospace/defense sector. Navy Honors Propeller Expert Senior naval officers and government officials will recognize the career of Dr. William B. Morgan in a naming cere- mony April 27 at the U.S. Navy's Large Cavitation Channel (LCC). This unique engineering test facility will bear the name of the former head of the Naval Surface Warfare Center, Carderock Division's Hydromechanics Directorate who retired in December after 50 years of service to the nation. The facility will be known as the William B. Morgan Large Cavitation Channel. The ceremony takes place 10 years after the April 1991 dedication of the facility. Since that time, the LCC has provided almost 6,000 hours of advanced hydrodynamic and hydroa- coustic testing. U.S. Navy test programs supported include the latest naval ship designs such as the Virginia and Sea- wolf Class submarine and Arleigh Burke Class destroyer. The LCC has also supported basic research programs with universities such as Mississippi State, University of Michigan, Califor- nia Institute of Technology and Johns Hopkins University. The LCC is the largest and most tech- nically advanced, pressurized, closed- loop, recirculating water tunnel in the world. The hydrodynamic and hydroa- coustic test facility supports advanced ship research and design testing as well as basic research. The buildings and land were originally part of a commer- cial installation on President's Island. After several years of leasing during the construction and start-up phase, the Navy purchased the site in 1994. U.S. Navy Commissions Latest Aegis Destroyer The U.S. Navy commissioned the USS Lassen (DDG 82), the newest in a series of Aegis guided missile destroy- ers built by Litton Ingalls Shipbuilding, a subsidiary of Northrop Grumman Cor- poration. Measuring 509.5 ft. (155.2 m) and 9,300 tons, USS Lassen, which is the 32nd ship of 58 Arleigh Burke (DDG 51) Class destroyers currently authorized by Congress — is the 14th to be built by Ingalls. Following DDG 82, Ingalls has contracts and options to pro- duce 11 additional Aegis destroyers, with six of those ships in various stages of production. Upon USS Lassen's departure from Tampa, the vessel will be homeported in San Diego as an ele- ment of Destroyer Squadron 23, headed by Cmdr. Sean E. O'Connor, USN. Oennvfk O.W. BUNKER & TRADING A/S Phone .45 9812 72 77 f,i» .45 98 16 72 77 E-mail owbunkrrfiow&iiikrrdti O W BUNKERING SWEDEN AB Phone .46 8 440 46 90 Fax .46 8 440 46 'J 1 E mail owswrihmbunker.se O W BUNKER GERMANY GMBH Phone .49 40 32 55 90C Fax .49 40 330 4/1 E frail hamburg«lowbunkef de latVU O.W RIGA BUNKERING Ltd. Pho"f »45 98 72 77 Fa* «45 98 '6 72 77 E mail owbimkerttowbunker.dn A/S O W BUNKER ESTONIA ltd Phone +45 98 12 72 7 / tax •45 98 16 72 77 E mail owbunkerttowbunkei.dk O W. ICEBUNKER Ltd. Phone »)54 594 9400 Fax >45 7020 4051 E mail owittowi
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