General Dynamics to Acquire GM Defense for $1.1 Billion
December 19, 2002
General Dynamics, Falls Church, Va., entered into a definitive agreement to acquire General Motors Defense for $1.1 billion in cash. General Motors Defense of London, Ontario, is a business unit of General Motors Corp. of Detroit, Michigan. The transaction, which has been approved by the boards of directors of both companies, is subject to normal regulatory approval. It is expected to close by the end of the first quarter of 2003, and would be immediately accretive to earnings. General Dynamics anticipates no changes to production workforces in any of the GM Defense locations, and will honor all existing labor agreements.