General Dynamics Completes Acquisition of Datron, Inc.'s IMCO unit
FALLS CHURCH, Va. – General Dynamics (NYSE: GD) today completed its acquisition of Datron, Inc.’s Intercontinental Manufacturing Company (IMCO). The acquisition was announced on July 25; terms of the agreement were not disclosed.
Located in Garland, Texas, IMCO will become the Tactical Air Munitions unit of General Dynamics Ordnance and Tactical Systems, which is headquartered in St. Petersburg, Fla. The unit employs approximately 600 people. The acquisition is immediately accretive to General Dynamics’ earnings.
IMCO was an industry leader in the manufacture of aircraft bomb bodies for the U.S. armed services, including the various precision bombs used during the liberation of Iraq. The company developed and manufactured bomb bodies for almost all current series of 500-, 1000-, and 2000-pound bombs used by the U.S. Navy and U.S. Air Force.
General Dynamics Ordnance and Tactical Systems manufactures large- and medium-caliber ammunition and precision metal components; provides explosive load, assemble and pack services for a variety of tactical missile and rocket programs; and designs and produces shaped charge warheads and control actuator systems.
Michael S. Wilson, president of General Dynamics Ordnance and Tactical Systems, said, “We’re pleased to welcome IMCO’s employees to General Dynamics. This acquisition is a significant step forward in meeting our product expansion and growth objectives in the worldwide munitions market.”
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 64,600 people worldwide and anticipates 2003 revenues of $15.5 billion. The company has leading market positions in mission-critical information systems and technologies, land and amphibious combat systems, 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, September 4, 2003
Press Contact: (703) 876-3199
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