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General Dynamics Completes Acquisition of Spectrum Astro, Inc.

FALLS CHURCH, Va. – General Dynamics (NYSE: GD) today completed its acquisition of Spectrum Astro, Inc. of Gilbert, Ariz. Terms of the transaction were not disclosed.

Spectrum Astro manufactures and integrates space systems, satellites and ground-support equipment, and has approximately 525 employees. It is now part of General Dynamics C4 Systems, which has nearly 3,400 employees in Scottsdale, Ariz.

“Spectrum Astro brings General Dynamics valuable experience in missile-defense and key NASA space business segments, and further enhances our ability to meet requirements for satellite-based systems in support of a network-centric approach to warfighting,” said Mark A. Fried, president of General Dynamics C4 Systems. “We are pleased to welcome Spectrum Astro employees to our team and look forward to applying their expertise and capabilities as part of General Dynamics.”

General Dynamics C4 Systems is a leading integrator of secure communication and information systems and technology. With more than 7,000 employees worldwide, the company specializes in command and control, communications networking, computing and information assurance for defense, government and select commercial customers in the U.S. and abroad.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 68,400 people worldwide and anticipates 2004 revenue of $19 billion. The company is a market leader in mission-critical information systems and technologies; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and business aviation.

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, our Annual Report on Form 10-K and our Forms 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.

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Any "forward-looking statements" contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Friday, July 9, 2004
Press Contact: (703) 876-3199



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