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General Dynamics Awarded $82 Million for Abrams Tank Programs

STERLING HEIGHTS, Mich. – The U. S. Army Tank-Automotive and Armaments Command has awarded General Dynamics Land Systems, a business unit of General Dynamics (NYSE: GD), two contracts totaling $82 million for Abrams tank programs.

The awards comprise a $32.3 million delivery order under an existing contract for the assembly of 125 Abrams Integrated Management (AIM) tanks, and a $49.7 million contract for systems technical support for the Abrams tank.

Work under the AIM order will be done at the General Dynamics-operated Lima Army Tank Plant in Lima, Ohio (77 percent); the General Dynamics Land Systems Scranton Plant in Eynon, Penn. (20 percent); and the Muskegon Plant in Muskegon, Mich. (3 percent). The 125 AIM tanks are scheduled to be delivered by June 2004.

The order was placed under a sole-source contract awarded in August 2002, with a total potential value when all options are exercised of $145 million.

AIM is a joint effort to refurbish M1A1 Abrams main battle tanks involving the Project Manager-Abrams Tank Systems; the Tank-Automotive and Armaments Command; the Anniston Army Depot, Anniston, Ala.; and General Dynamics Land Systems. In the AIM program, M1A1 Abrams tanks are completely disassembled and overhauled to a like-new condition.

Work under the Abrams systems technical support contract will be performed at Land Systems headquarters in Sterling Heights, Mich. This work will be completed by September 30, 2006.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 54,000 people worldwide and had 2002 revenues of $13.8 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, February 5, 2003
Press Contact: (586) 825-7980