A $9.6 billion acquisition of local employer CSRA has left many employees wondering if their job is secure.
The federal contractor employs hundreds of people at its Hospital Drive facility in Barbourville. It was announced early Monday that CSRA was purchased by General Dynamics Information Technology, also another major contractor of federal services.
Comments in social media posts sharing the news expressed concerns of lost jobs and learning new systems, but there is nothing to indicate an immediate loss of jobs for the area. In fact, GDIT has a large footprint in the area, remaining a major employer in both Corbin and London.
Some employees, including supervisors (who will remain anonymous), reportedly learned of the news at about the same time as everyone else.
Details of the purchase announced Monday include GDIT’s definitive agreement to acquire all oustanding shares of CSRA for $40.75 in cash. According to a release from CSRA, the transaction is valued at $9.6 billion, and GDIT will assume $2.8 billion in CSRA debt as part of the deal.
Larry Prior, chief executive officer and president of CSRA, said, “Our combination with General Dynamics represents an excellent outcome for CSRA’s stockholders, employees and customers.