General Dynamics Awarded $15.2 Million Increment for Abrams Integrated Management Materials
STERLING HEIGHTS, Mich. – The U.S. Army TACOM Life Cycle Management Command has awarded General Dynamics Land Systems, a business unit of General Dynamics (NYSE: GD), a $15.2 million increment of a $62.1 million contract for the materials associated with the production of 92 Abrams Integrated Management (AIM) tanks. Initial funding of $31.3 million was awarded in April and a second award of $15.6 million occurred in July under the contract.
With award of the $15.6 million increment on July 28, the Army increased the total tank material sets purchased under the contract to 92 sets, 17 more than the original estimate of 75.
AIM is a joint effort to refurbish M1A1 Abrams main battle tanks involving the U.S. Army Project Manager for Combat Systems; the TACOM Life Cycle Management Command; the Anniston Army Depot, Anniston, Ala.; and General Dynamics Land Systems. Under the AIM program, M1A1 Abrams tanks are completely disassembled and overhauled to a like-new condition. Refurbished AIM tanks incur lower operational and support costs and report higher operational readiness rates.
Work will be performed in Lima, Ohio, and Eynon, Pa., by existing General Dynamics employees. The AIM tanks are scheduled for delivery to U.S. Army units between July 2006 and July 2007.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 70,800 people worldwide and had 2004 revenue 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.
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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 31, 2005
Press Contact: (586) 825-4610
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