General Dynamics Completes Acquisition of Saco Defense Corp.
BURLINGTON, Vt. -- General Dynamics (NYSE: GD) has completed its acquisition of Saco Defense Corporation from the New Colt Holding Corp. for an undisclosed amount of cash. The 30-day waiting period mandated by the Hart Scott Rodino pre-merger notification act expired without action by the Department of Justice on June 18, 2000, and the companies closed the transaction effective June 30, 2000.
As of today, Saco Defense Corporation will become a subsidiary of General Dynamics Armament Systems, and will be known as General Dynamics Weapon Systems. General Dynamics and New Colt Holding Corp. announced their plans for the transaction on May 12, 2000.
General Dynamics Armament Systems is a wholly owned subsidiary of General Dynamics, which is headquartered in Falls Church, Virginia. General Dynamics employs approximately 43,000 people worldwide and has annualized sales of approximately $10 billion. The company has leading market positions in business aviation, information systems, shipbuilding and marine systems, and land and amphibious combat systems.
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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, June 30, 2000
Press Contact: (703) 876-3190
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