Workers Are Striking at a General Dynamics Shipyard: What It Means for Investors
More than 4,000 workers have walked off the job at General Dynamics (NYSE: GD) massive Bath Iron Works shipyard in Maine after rejecting a new three-year contract. The development is a fresh complication for what has been a troubled operation at GD and creates fresh headaches for the Pentagon.
Workers represented by the Machinists Union Local S6 went on strike Monday, seeking changes in work rules, seniority, and subcontracting. The shipyard is already months behind on production, in part because of the COVID-19 pandemic, but the work stoppage figures to further delay deliveries.
The Bath operation is one of three major shipyards in the General Dynamics portfolio. Although the jewels of the GD portfolio, the company's nuclear submarines, are built down the coast in Groton, Conn., Bath is responsible for production of the Navy's destroyers and other mid-sized ships.
Source Fool.com
