General Dynamics to Acquire Itronix Corporation
FALLS CHURCH, Va. – General Dynamics (NYSE: GD) today entered into a definitive agreement with Itronix Holdings and Golden Gate Capital, a San Francisco-based private equity investment firm, to acquire Itronix Corporation, a Spokane, Washington-based provider of wireless, rugged mobile computing solutions. The acquisition will be immediately accretive to General Dynamics. Terms of the acquisition were not disclosed.
The acquisition has been approved by the boards of directors of both companies and is subject to normal regulatory approval. General Dynamics expects the transaction to be completed in the third quarter of 2005.
Itronix Corporation (www.itronix.com) offers a broad range of wireless, rugged field computing systems, including handhelds, laptops and tablet PCs, and wireless integration and support services that position it as a single-source provider of wireless project consultation and end-to-end life cycle support programs. Itronix serves mobile workers in markets that include the military, public safety and other government organizations; commercial field services; insurance; communications and utilities; transportation; and telecommunications. The company has approximately 450 employees at facilities in the United States, Canada, Europe and Asia.
Itronix will become part of the General Dynamics C4 Systems business unit, which is a leading integrator of secure communication and information systems and technology. With more than 10,000 employees worldwide, General Dynamics C4 Systems specializes in command and control, communications networking, space systems, computing and information assurance for defense, government and select commercial customers in the United States and abroad.
Mark Fried, president of General Dynamics C4 Systems, said, “The acquisition of Itronix will allow General Dynamics C4 Systems to bring even higher value to our core Department of Defense and Department of Homeland Security customers, and expand further into select commercial and international markets which increasingly are calling for rugged computing solutions to meet their mission requirements.”
Tom Turner, president and CEO of Itronix, said, “The entire Itronix team looks forward to contributing to the success of General Dynamics and continuing to deliver the best wireless mobile computing solutions in the industry. I believe that this merger will have tremendous benefits for our customers, our employees and the industry.”
Ken Diekroeger, managing director of Golden Gate Capital, said, “Tom Turner and his team have done a tremendous job of growing Itronix, and we are delighted that they will be part of General Dynamics, which has the technology base and market presence to accelerate their growth.”
Golden Gate Capital and management acquired Itronix Corporation in October 2003. Golden Gate, with approximately $2.5 billion of capital under management, is dedicated to partnering with world-class management teams to invest in change-intensive, growth businesses. More information about Golden Gate is available at www.goldengatecap.com.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 70,800 people worldwide and had 2004 revenues of $19.2 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.
This press release contains certain forward-looking statements that are based on management’s expectations, estimates, projections and assumptions. Words such as “expects,” “anticipates,” “plans,” “believes,” “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Actual future results and trends may differ materially from what is forecast in forward-looking statements.
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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, August 3, 2005
Press Contact: (703) 876-3199
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