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General Dynamics Receives $741 Million Multi-Year Tank Contract

$240 Million Increment Awarded

STERLING HEIGHTS, Mich. – The U.S. Army Tank-automotive and Armaments Command has awarded General Dynamics Land Systems a multiyear contract to deliver 307 M1A2 Abrams upgrade tanks with the System Enhancement Package (SEP), awarding a $240 million increment of the $741 million contract on Friday, March 30, 2001.

Contract funding will be awarded in three yearly increments with a period of performance from August 2001 through December 2004. This is a follow-on award to the Phase II, $1.5 billion, 580 vehicle contract awarded July 1996, and the Phase I, $417 million, 206 vehicle contract awarded September 1994.

The purpose of the M1A2 SEP is to enhance the fightability of the system on today’s battlefield while preparing the platform for tomorrow’s challenges. The SEP tank’s Forward Looking Infrared (FLIR) sights, crew displays, Auxiliary Power Unit, digital command and control system, and Thermal Management System improve the tank crew’s ability to fight and survive on the battlefield. The insertion of affordable, preplanned technology improvements, such as new processors, increased memory and improved durability, will ensure the tank’s ability to maintain its combat edge.

Work will be performed by General Dynamics employees at plants in Lima, Ohio (80%); Tallahassee, Florida (10%); Anniston, Alabama (4%); Scranton, Pennsylvania (3%); Sterling Heights (1%) and Muskegon (1%), Michigan; and Imperial Valley, California (1%).

General Dynamics Land Systems is a wholly owned subsidiary of General Dynamics (NYSE:GD). General Dynamics, headquartered in Falls Church, Virginia, employs approximately 46,000 people worldwide and anticipates 2001 sales of approximately $11.5 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 - Monday, April 2, 2001
Press Contact: (810) 825-7980