General Dynamics Acquires Engineering Technology Inc.
ST. PETERSBURG, Fla. – General Dynamics Ordnance and Tactical Systems, a business unit of General Dynamics (NYSE: GD), today announced that is has acquired Engineering Technology Inc. (ETI), an Orlando, Fla.-based research and development company. ETI, which employs approximately 50 people, will become a part of General Dynamics Ordnance and Tactical Systems of St. Petersburg, Fla.
ETI’s principal product is the engineering, design and construction of special-purpose munitions and mechanical, electromechanical, electronic and electro-optic devices.
General Dynamics Ordnance and Tactical Systems manufactures large- and medium-caliber ammunition, bomb bodies 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 are pleased to welcome ETI’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 71,600 people worldwide and anticipates 2004 revenue in excess of $19 billion. The company is a market leader in mission-critical information systems and technologies; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and business aviation. More information about the company can be found at www.generaldynamics.com.
Any forward-looking statements in this press release are based on management’s expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "anticipates," "scheduled," "estimates," variations of these words and similar expressions are intended to identify forward-looking statements which include but are not limited to projections of revenues, earnings, segment performance, aircraft production and deliveries, cash flows, contract awards and aircraft backlog stability. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors, including, without limitation: the company’s successful execution of internal performance plans; performance issues with key suppliers and subcontractors; the status or outcome of legal and/or regulatory proceedings; the status or outcome of labor negotiations; changing customer demand or preferences for business aircraft; changes from the company's historical experience with respect to its customers' exercise of business aircraft options; changing priorities or reductions in the U.S. government defense budget; termination of government contracts due to unilateral government action; and the timing and occurrence (or non-occurrence) of circumstances beyond the company’s control.
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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 - Monday, November 1, 2004
Press Contact: (727) 578-8114
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