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General Dynamics to Acquire Spectrum Astro, Inc.

FALLS CHURCH, VA. – General Dynamics (NYSE: GD) announced today that it has entered into a definitive agreement to acquire Gilbert, Ariz.-based Spectrum Astro, Inc., a privately held space systems integrator for the U.S. government. The transaction has been approved by the boards of directors of both companies and is subject to normal regulatory approval; it is expected to close within 60 days. The acquisition will be accretive to General Dynamics. Terms of the agreement were not disclosed.

Spectrum Astro’s capabilities include manufacturing and integration of spacecraft subsystem hardware, software and ground-support equipment. It has approximately 520 employees, and will become part of General Dynamics C4 Systems, which is headquartered in Scottsdale, Arizona.

“The U.S. Department of Defense’s growing reliance on satellite-based systems as part of a network-centric approach to warfighting was validated in Operation Iraqi Freedom and other recent U.S. military efforts, and this acquisition enhances General Dynamics’ positioning to meet those mission requirements into the future,” said Jerry DeMuro, General Dynamics executive vice president and group executive for Information Systems and Technology.

“Spectrum Astro has achieved remarkable growth over the past 10 years based on innovative systems engineering and lean, efficient manufacturing processes,” said Mark Fried, president and general manager of General Dynamics C4 Systems. “This acquisition expands our offerings to an important portion of our customer base, complements our existing business with classified and restricted-payload customers in particular, and helps broaden our presence in the missile-defense and key NASA space business segments through Spectrum Astro’s existing relationships.”

General Dynamics C4 Systems’ employees have been contributing to the U.S. space program since the mid-1950s, supporting missions from Apollo and Voyager to the Hubble Space Telescope, the International Space Station and the Mars Exploration Rovers.

General Dynamics C4 Systems is a leading integrator of secure communication and information systems and technology. With more than 7,000 employees worldwide, the company specializes in command and control, communications networking, computing and information assurance for defense, government and select commercial customers in the United States and abroad.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 67,600 people worldwide and had 2003 revenue of $16.6 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.

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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General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Thursday, March 18, 2004
Press Contact: (703) 876-3199



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