General Dynamics Completes Acquisition of Force Protection

Trans­ac­tion expands company’s port­fo­lio of tracked and wheeled mil­i­tary vehi­cles, and enhances vehi­cle ser­vice offer­ings.

FALLS CHURCH, Va. – Gen­er­al Dynam­ics (NYSE: GD) yes­ter­day com­plet­ed its acqui­si­tion of Force Pro­tec­tion, Inc., a provider of blast- and bal­lis­tic-pro­tect­ed plat­forms that sup­port the armed forces of the Unit­ed States and its allies. The trans­ac­tion, val­ued at approx­i­mate­ly $360 mil­lion, was announced on Novem­ber 7 and is expect­ed to be accre­tive to Gen­er­al Dynam­ics’ earn­ings in 2012.

Force Pro­tec­tion now becomes part of Gen­er­al Dynam­ics Land Sys­tems. Force Protection’s port­fo­lio includes the Buf­fa­lo mine clear­ance vehi­cle, the Cougar Mine Resis­tant Ambush Pro­tect­ed (MRAP) and the small­er Ocelot light patrol vehi­cle. These vehi­cles are designed specif­i­cal­ly for recon­nais­sance and urban oper­a­tions and to pro­tect their occu­pants from land mines, hos­tile fire and impro­vised explo­sive devices. The com­pa­ny has deliv­ered more than 3,000 vehi­cles under the U.S. military’s MRAP vehi­cle pro­gram, and also pro­vides its vehi­cles to for­eign cus­tomers includ­ing the Unit­ed King­dom Min­istry of Defence. Com­bined with Gen­er­al Dynam­ics Land Sys­tems, the com­pa­ny will increase its glob­al ser­vice net­work foot­print to sup­port the full vehi­cle fleet.

“Togeth­er with Gen­er­al Dynam­ics Land Sys­tems’ port­fo­lio of wheeled tac­ti­cal and com­bat vehi­cles and main bat­tle tanks, this acqui­si­tion expands our abil­i­ty to deliv­er vehi­cles that are core to our customer’s force struc­ture and their abil­i­ty to ful­fill their mis­sions,” said Mark C. Roualet, pres­i­dent of Gen­er­al Dynam­ics Land Sys­tems. “This strength­ens our abil­i­ty to upgrade and mod­ern­ize our vehi­cles to meet our customer’s evolv­ing needs.”

Gen­er­al Dynam­ics Land Sys­tems is a lead­ing man­u­fac­tur­er of wheeled, tracked and amphibi­ous com­bat vehi­cles, offer­ing a spec­trum of design, pro­duc­tion and life­cy­cle sup­port to cus­tomers world­wide. Its port­fo­lio of vehi­cle plat­forms includes the Stryk­er wheeled com­bat vehi­cle, the Abrams main bat­tle tank and the MRAP class of tac­ti­cal vehi­cles. The com­pa­ny employs world-class man­u­fac­tur­ing and sys­tems-inte­gra­tion process­es to devel­op vehi­cles designed to meet cur­rent and future ground-com­bat require­ments.

With the addi­tion of Force Pro­tec­tion, Gen­er­al Dynam­ics Land Sys­tems now employs approx­i­mate­ly 9,500 work­ers world­wide.

More infor­ma­tion about Gen­er­al Dynam­ics is avail­able at www.generaldynamics.com.

Cer­tain state­ments made in this press release, includ­ing any state­ments as to future results of oper­a­tions and finan­cial pro­jec­tions, may con­sti­tute “for­ward-look­ing state­ments” with­in the mean­ing of the Pri­vate Secu­ri­ties Lit­i­ga­tion Reform Act of 1995, as amend­ed. For­ward-look­ing state­ments are based on management’s expec­ta­tions, esti­mates, pro­jec­tions and assump­tions. These state­ments are not guar­an­tees of future per­for­mance and involve cer­tain risks and uncer­tain­ties, which are dif­fi­cult to pre­dict. There­fore, actu­al future results and trends may dif­fer mate­ri­al­ly from what is fore­cast in for­ward-look­ing state­ments due to a vari­ety of fac­tors. Addi­tion­al infor­ma­tion regard­ing these fac­tors is con­tained in the company’s fil­ings with the Secu­ri­ties and Exchange Com­mis­sion, includ­ing, with­out lim­i­ta­tion, its Annu­al Report on Form 10‑K and its Quar­ter­ly Reports on Form 10‑Q.

All for­ward-look­ing state­ments speak only as of the date they were made. The com­pa­ny does not under­take any oblig­a­tion to update or pub­licly release any revi­sions to any for­ward-look­ing state­ments to reflect events, cir­cum­stances or changes in expec­ta­tions after the date of this press release.

Source:
Gen­er­al Dynam­ics

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