General Dynamics' Spanish Subsidiary Acquires Assets of Germany's Eisenwerke Kaiserslautern
MADRID, Spain – Santa Barbara Sistemas, S.A. of Spain, a subsidiary of General Dynamics (NYSE: GD), today completed the acquisition of the assets of Eisenwerke Kaiserslautern GmbH i.I. (EWK) of Kaiserslautern, Germany. Terms of the transaction were not disclosed. EWK designs, develops and produces floating bridges and ferrying equipment for military forces worldwide. It has a workforce of 350 employees.
EWK will become Santa Barbara Sistemas GmbH, a subsidiary of Santa Barbara Sistemas, S.A., which is headquartered in Madrid, Spain. Santa Barbara Sistemas GmbH specializes in the precision welding of large-scale aluminum structures. Among its many products is the M3 bridging vehicle, the world’s fastest and most efficient amphibious bridging and ferrying system. Santa Barbara Sistemas GmbH has supplied equipment to numerous armies including those of the United States, Canada, Germany, France, Great Britain, Australia and Singapore.
“This is a perfect fit,” said Chuck Meeks, president of Santa Barbara Sistemas. “We have complementary skills in vehicle production and aluminum welding that benefit both companies. In addition, the expanded product line creates new opportunities for growth. This acquisition reflects General Dynamics’ commitment to expand and strengthen Santa Barbara.”
With 2,000 employees in nine locations, Santa Barbara Sistemas, S.A. produces combat vehicles and munitions for the Spanish Army. The company has production contracts for the Spanish Leopard main battle tank, the Pizarro tracked infantry fighting vehicle, the 155/52 Howitzer, a 40mm grenade launcher, and a range of munitions.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 54,000 people and anticipates 2002 revenues of $14 billion. The company has leading market positions in land and amphibious combat systems, mission-critical information systems and technologies, shipbuilding and marine 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 - Thursday, October 31, 2002
Press Contact: (703) 876-3190
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