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General Dynamics Receives $165 Million in HYDRA-70 Rocket Orders

BURLINGTON, Vt. – General Dynamics Armament Systems has received two orders totaling $164.7 million for the production of HYDRA-70 rockets, motors and warheads for the U.S. Army, Air Force, and Navy. These orders are part of a five-year contract with the U.S. Army’s Operations Support Command that was awarded to General Dynamics Armament Systems in June 1999. Total contract value to date stands at $391.7 million against a maximum potential value of $1.2 billion over the five-year contract period. Contract deliveries against the most recent orders run from May 2002 through July 2003.

"We remain encouraged by the strong demand for this weapon system from all branches of our armed forces and many foreign militaries and we’re excited about the HYDRA-70 rocket system’s future," said Linda Hudson, president of General Dynamics Armament Systems.

The HYDRA-70 rocket is the most widely used helicopter weapon system in the world today. It is fired from many rotary and fixed-wing platforms, including the U.S. Army Apache and Marine Corps Cobra helicopters, the Air Force F-16 Fighting Falcon and the combat aircraft of 15 nations worldwide. The HYDRA-70 meets a variety of special mission requirements and can defeat a broad range of enemy threats. It is a combat-ready system that has proved itself versatile, effective and affordable and has been selected for integration on many new helicopter programs around the world.

General Dynamics Armament Systems is a wholly owned subsidiary of General Dynamics (NYSE: GD) of Falls Church, Virginia. The parent company employs approximately 44,000 people worldwide and has annualized sales of approximately $10 billion. General Dynamics has leading market positions in shipbuilding and marine systems, land and amphibious combat systems, information systems, and business aviation.

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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, January 5, 2001
Press Contact: (802) 657-6486