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General Dynamics Awarded $39 Million M2 Machine Gun Contract

BURLINGTON, Vt. -- General Dynamics Weapon Systems, a subsidiary of General Dynamics Armament Systems, has been awarded an indefinite delivery, indefinite quantity contract with an estimated maximum potential value of $39 million for the production of M2HB .50 cal machine guns, gun bolts and gun barrels for the U.S. Army and foreign military users. This order is part of a three-year contract with the U.S. Army’s Tank Automotive Command office in Rock Island, Illinois. The initial award against this contract is for approximately 1,000 M2HB machine guns, 400 gun bolts and over 4,500 gun barrels, totaling $13.7 million. Deliveries for this order are slated to begin in September 2001. The M2HB is an automatic, crew-served .50 caliber (12.7 mm) machine gun. Its high level of lethality and versatility has made it the work standard in its class. This gun is in the military inventories of over 30 countries including the United States.

"We are extremely pleased with this contract award, this puts our Weapon Systems facility back in the M2 machine gun business which will provide other DoD and international opportunities for this product line," said Linda Hudson, president of General Dynamics Armament Systems.

General Dynamics Weapon Systems is based in Saco, Maine, and was previously known as Saco Defense until it was purchased by General Dynamics on June 30 of this year.

General Dynamics Armament Systems of Burlington, Vermont, provides a broad range of armament solutions for the full range of military applications. It designs, develops and produces complete armament and munitions systems for fixed and rotary wing aircraft, land vehicles and sea-based platforms. In addition, it provides system management for several programs and, as a full-service, life cycle provider, it is a leader in the demilitarization of outdated munitions.

General Dynamics Armament Systems is a wholly owned subsidiary of General Dynamics (NYSE: GD), 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 - Thursday, July 13, 2000
Press Contact: (703) 876-3190