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.
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