Spain Selects General Dynamics for 520 Million Euro Phase Two of Pizarro Infantry Fighting Vehicle Program
MADRID, Spain – General Dynamics Santa Bárbara Sistemas, a business unit of General Dynamics (NYSE: GD), has been selected by the Spanish Army to execute the second phase of the Pizarro Advanced Infantry Fighting Vehicle (AIFV) program, which includes manufacturing of 176 infantry fighting vehicles, 22 command post vehicles and associated logistics support.
General Dynamics Santa Bárbara Sistemas and the Spanish Army will now enter negotiations on the scope, timing and value of the program, which could be as much as 520 million euro (approximately US$544 million). Following successful negotiations, the contract will commence in early 2003; the first delivery of the second-phase vehicles would be in 2005, and completion by 2010.
The order represents the continuation of a successful program with the Spanish Army. Phase One of the effort included 121 infantry fighting vehicles and 21 command post vehicles.
The Pizarro infantry fighting vehicle weighs 25 tons and can carry 11 personnel at a maximum speed of over 70 Km per hour. With a 30mm automatic gun as main armament, the Pizarro is considered one of the world’s best infantry fighting vehicles.
General Dynamics, headquartered in Falls Church, Va., employs approximately 54,000 people worldwide and anticipates 2002 revenues of approximately $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 - Wednesday, January 15, 2003
Press Contact: 3491 5850 240
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