Virginia shipyard announces buyout offers, restructuring
The Virginia shipyard that's the sole builder of nuclear-powered aircraft carriers is offering buyouts to a little more than 10 percent of its workforce.
The Virginian-Pilot obtained a Monday letter from Newport News Shipbuilding President Jennifer Boykin that says the buyouts being offered to more than 2,500 employees are "completely voluntary," and no layoffs are expected. The letter also indicated a forthcoming restructuring, saying the moves are necessitated by the federal government's "increasingly complex defense priorities."
Company spokesman Duane Bourne says the buyout offers are intended to cut overhead costs, and apply to senior manager- and director-level employees, as well as certain other salaried employees.
The shipyard is a division of Huntington Ingalls Industries. It's also one of two yards that builds nuclear-powered submarines.
Information from: The Virginian-Pilot, http://pilotonline.com