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General Dynamics Receives $712 Million Contract for Advanced Amphibious Assault Vehicles

FALLS CHURCH, Va. – The U.S. Marine Corps awarded General Dynamics Land Systems, a wholly owned subsidiary of General Dynamics (NYSE: GD), a $712 million contract for the Systems Development and Demonstration phase of the Advanced Amphibious Assault Vehicle (AAAV) program, Tuesday.

Under the cost-reimbursable contract General Dynamics will provide all required material, services, personnel and facilities to complete the design and development of the AAAV, manufacture and test nine new prototypes, refurbish three early development prototypes, support the Marine Corps initial operational test and evaluation, and prepare for the production phase of the program.

"The AAAV will be a tremendously capable weapons system, focused on the Marine Corps’ most challenging mission: amphibious assault," said John Wosina, vice president, General Dynamics Land Systems. "This contract is the result of our continuing partnership with the Marine Corps to provide the right technology at an affordable price."

The contract begins the next phase in the development of the world’s most advanced amphibious assault vehicle, which started with award of a $200 million-plus demonstration/validation contract to General Dynamics Land Systems in June 1996.

More than 500 General Dynamics employees and contractors, Marines and naval personnel in Woodbridge, Virginia, will do engineering and assembly of the nine new prototype vehicles.

The Marines plan to buy 1,013 vehicles through fiscal year 2015 (FY15) to replace the 30-year-old and less capable AAV7s. The new system will weigh 76,000 pounds when loaded with a crew of three and 17 combat-ready Marines and will be capable of speeds up to 45 mph on land and 25 mph in rough seas. Low-rate initial production of the AAAV is scheduled to begin in 2004, followed by full-rate production in 2006. Its next major event is the service-led early operational assessment this fall.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 47,000 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 - Thursday, July 5, 2001
Press Contact: (810) 825-7930