General Dynamics Statement on Northrop Grumman Hostile Offer to Acquire Newport News Shipbuilding
FALLS CHURCH, Va. – General Dynamics (NYSE: GD) issued the following statement in response to an announcement that Northrop Grumman Corporation will make a hostile offer to acquire the outstanding shares of Newport News Shipbuilding:
"We’re disappointed that Northrop Grumman has chosen to interfere in a proposed transaction agreed upon by the respective boards of directors of General Dynamics and Newport News Shipbuilding. Northrop Grumman became the dominant player in surface warfare shipbuilding markets through its recent acquisition of Litton. It now seeks to become the dominant player in nuclear shipbuilding as well through a hostile offer.
The combination of General Dynamics and Newport News is the only combination that can provide synergies necessary to achieve significant merger-related savings. It is also the only combination that offers the Navy depth of experience in the safe management of nuclear shipbuilding."
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.
###
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 - Tuesday, May 8, 2001
Press Contact: (703)876-3190
|
NEWSLETTER
|
| Join the GlobalSecurity.org mailing list |
|
|
|
