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BUSINESS
February 24, 2014 | By W.J. Hennigan
Major U.S. weapon makers watched their shares tick upward in trading Monday after the announcement of the Pentagon's budget plan. Defense Secretary Chuck Hagel outlined details on the fiscal 2015 budget request, which shielded large, big-ticket programs and slashed older weapon systems. Largely untouched by the budget plan is the F-35 Joint Strike Fighter made by Lockheed Martin Corp. The nearly $400-billion program to buy 2,400 of the jets has been under development for more than a decade.
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BUSINESS
June 3, 1997 | (Bloomberg News)
General Dynamics Corp., the submarine, tank and ship maker based in Falls Church, Va., has been ordered to pay 98 former employees $101 million by a California court that decided the company defrauded the workers out of overtime pay. San Diego County Superior Court issued the verdict in the case of Argo vs. General Dynamics Corp. on May 1. The employees, who worked for Convair, a unit General Dynamics sold in 1994, filed the class-action suit in 1995.
BUSINESS
January 24, 2014 | By W.J. Hennigan
Nearly a quarter of a century after it began, one of the largest legal disputes in defense industry history was finally settled with two major weapons makers agreeing to pay the federal government $400 million in goods and services. The U.S. Court of Federal Claims in Washington on Thursday dismissed the lawsuit, filed in 1991, after Boeing Co. and General Dynamics Corp. agreed to provide so-called in-kind consideration, valued at $200 million each. "We are closing a 23-year-long chapter in the annals of naval aviation and further strengthening, through the contractors' in-kind payment, the Navy's capabilities and capacities," Secretary of the Navy Ray Mabus said.
BUSINESS
August 8, 1991 | From Times Staff and Wire Reports
General Dynamics Denies Sale Report: General Dynamics Corp. denied a Riverside Press Enterprise report that said it might sell its Air Defense Systems division properties in Rancho Cucamonga and Pomona as part of a cost-cutting program. Spokesman Jim Gilkerson said the company will sell five buildings that make up about 35% of its overall space in those locations. Gilkerson said the buildings were deemed to be excess space.
BUSINESS
July 9, 1991 | From Times Staff and Wire Reports
South Korea Wants 120 F-16s: The deal for the General Dynamics Corp. fighters will be worth $3.81 billion, the Pentagon said. South Korea plans to buy 12 jets outright, assemble 36 from parts provided by General Dynamics and produce 72 under license. Seoul said in March that it had decided to buy General Dynamics jets instead of F-18s made by McDonnell Douglas Corp.
BUSINESS
December 20, 2002 | From Bloomberg News
General Dynamics Corp. agreed to buy General Motors Corp.'s defense business for $1.1 billion in cash. The purchase would make General Dynamics the leading U.S. supplier of armored military vehicles. GM Defense will add projected annual sales of about $965 million, General Dynamics said. Shares of Falls Church, Va.-based General Dynamics rose $1.72 to $79.85, while Detroit-based GM fell 26 cents to $36.11, both on the NYSE.
BUSINESS
October 19, 2001 | Bloomberg News
General Dynamics Corp. beat out rival Northrop Grumman Corp. for contracts to build the U.S. Navy's next generation of supply ships--a 12-vessel program worth as much as $3.7 billion, the Navy said. General Dynamics' National Steel and Shipbuilding Co. in San Diego bested L.A.-based Northrop Grumman's Avondale Industries, based outside New Orleans.
BUSINESS
July 22, 2004 | From Bloomberg News
General Dynamics Corp. said second-quarter earnings rose 24% as acquisitions lifted sales and margins from business jets improved. The company raised its 2004 forecast. Net income climbed to $300 million, or $1.49 a share, from $242 million, or $1.22, a year earlier, Falls Church, Va.-based General Dynamics said. Sales rose 21% to $4.76 billion. Shares, however, fell 10 cents to $97.55 on the New York Stock Exchange.
BUSINESS
January 5, 2010 | By W.J. Hennigan and Tiffany Hsu
In a blow to Southern California, Northrop Grumman Corp. said it would relocate its headquarters from Los Angeles -- leaving the region that gave birth to the aerospace industry without a single major military contractor based here. The company said it would move its corporate staff to the Washington, D.C., area by summer 2011 to be closer to its key customer, the U.S. government. Northrop's announcement was seen as a bitter pill for the much-battered regional economy, which has suffered a series of high-profile corporate defections in recent years.
BUSINESS
December 23, 2008 | Bloomberg News
Northrop Grumman Corp. and General Dynamics Corp., the Navy's top shipbuilders, received a $14-billion contract to jointly build more of the latest nuclear-powered submarines. The fixed-price incentive fee contract calls for construction of eight of the Virginia-class vessels, the Defense Department said in a statement Monday. Construction of the submarines by Northrop of Century City and General Dynamics of Falls Church, Va., will start between 2009 and 2013, and work will be finished by 2020, the statement said.
BUSINESS
December 15, 2005 | From Associated Press
Defense contractor General Dynamics Corp. moved to bolster its presence in the information technology market, announcing plans Wednesday to acquire Anteon International Corp. of Fairfax, Va., for $2.1 billion. Under the deal, General Dynamics would pay $55.50 in cash for each Anteon share, a 36% premium over Anteon's closing price Tuesday of $40.77. The overall deal is valued at $2.2 billion, including the assumption of $100 million of debt. Anteon shares rose $13.25, or 33%, to $54.02.
BUSINESS
December 7, 2005
* Swiss drug maker Novartis won U.S. regulatory approval to buy the 58% stake of vaccine maker Chiron Corp. of Emeryville., Calif., that it didn't already own. * General Dynamics Corp. said it would fire as many as 2,400 employees, or about 20% of the workforce at its Electric Boat shipyard, as the U.S. Navy cuts back on submarine orders.
BUSINESS
November 24, 2005 | From Times Wire Services
The Pentagon has approved construction of eight DD(X) destroyers being developed by Northrop Grumman Corp. and General Dynamics Corp. -- a potential $20-billion order -- a Defense Department official said Wednesday.
BUSINESS
April 21, 2005 | From Reuters
The Pentagon on Wednesday rejected for now a Navy plan under which Northrop Grumman Corp. and General Dynamics Corp. would compete for, rather than split, a potential $20-billion contract to build a new class of guided missile warship. The action dovetails with moves in Congress aimed at blocking a winner-take-all approach, which the Navy has said could trim $300 million from the cost of each of the new surface combatant warships, known as DD(X).
BUSINESS
November 14, 1991 | From Times Staff and Wire Reports
General Dynamics Gets High Marks: General Dynamics Corp. has been rated in the top one-fifth of corporations evaluated in a three-year study that examined whether workers are afforded caring workplaces to solve work-family concerns.
BUSINESS
December 18, 2004 | From Dow Jones/Associated Press
Wyle Laboratories Inc. will buy the aeronautics services business of General Dynamics Corp., positioning Wyle to pursue additional Defense Department contracts. Financial terms weren't disclosed. The purchase will essentially double the size of privately held Wyle, an El Segundo-based provider of testing, research and engineering services. General Dynamics' aeronautics services business, based in Lexington Park, Md.
BUSINESS
September 15, 2004 | From Bloomberg News
General Dynamics Corp. and Lockheed Martin Corp. will stop competing and instead work together on a $12-billion program to design an Army communications network in an effort to expedite development. The Army's proposal to have both companies work on the project was approved Friday by Michael Wynne, the Defense Department's acting undersecretary for acquisition, said an e-mail statement from Pentagon spokeswoman Cheryl Irwin.
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