General Dynamics' Bid to Acquire Primex Technologies, Inc. Clears Hart-Scott-Rodino Waiting Period
FALLS CHURCH, Va. – General Dynamics (NYSE: GD) announced today that on Friday, Dec. 15, 2000, its planned acquisition of Primex Technologies, Inc., cleared the mandatory waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Since there was no objection from the Department of Defense or the Federal Trade Commission, General Dynamics and Primex are free to promptly close the transaction, following a vote in favor of the acquisition by Primex shareholders; that vote is scheduled for January 24, 2001.
The companies had announced the proposed transaction on November 9, 2000. Under the terms of the agreement, General Dynamics would acquire the outstanding shares of Primex for a cash purchase price of $32.10 per share. In addition, General Dynamics would assume approximately $170 million of Primex’s debt.
Primex Technologies, Inc., headquartered in St. Petersburg, Florida, provides a variety of munitions, propellants, satellite propulsion systems and electronics products to the U.S. government and its allies, as well as domestic and international industrial customers. The company has 2,850 employees.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 44,000 people 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.
###
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 - Monday, December 18, 2000
Press contact: (703) 876-3190
|
NEWSLETTER
|
| Join the GlobalSecurity.org mailing list |
|
|
|
