General Dynamics Advanced Information Systems Completes Acquisition of Axsys Technologies
September 02 2009 - 1:15PM
PR Newswire (US)
FAIRFAX, Va., Sept. 2 /PRNewswire-FirstCall/ -- General Dynamics
Advanced Information Systems, a business unit of General Dynamics
(NYSE:GD), today completed its previously announced purchase of
Axsys Technologies, Inc., (NASDAQ:AXYS) for $54 in cash per share
of Axsys Technologies' outstanding common stock. The cost of the
transaction is approximately $643 million. The acquisition, which
was approved by the boards of both companies and Axsys
Technologies' shareholders, will be neutral to General Dynamics'
earnings in 2009 and accretive thereafter. Axsys Technologies is a
global leader in the design and manufacture of high-performance
electro-optical and infrared (EO/IR) sensors and systems and
multi-axis stabilized cameras. The company's sophisticated
solutions are typically found in applications that demand the
finest optical surfaces, highest accuracy and tightest
motion-control tolerances, such as weapon systems, long-range
surveillance cameras and highly precise imaging telescopes. The
company employs approximately 1,000 workers in five principal
locations: Cullman, Ala.; San Diego and Grass Valley, Calif.;
Nashua, N.H.; and Rochester Hills, Mich. Lou Von Thaer, president
of General Dynamics Advanced Information Systems, said, "Axsys
Technologies strengthens our portfolio of offerings and
discriminators in the tactical intelligence, surveillance and
reconnaissance market. We look forward to maintaining and
strengthening the relationships that Axsys Technologies enjoys with
its existing customers, and collaborating to create new products
and pursue new markets together." Headquartered in Fairfax, Va.,
General Dynamics Advanced Information Systems is a provider of
end-to-end mission solutions in systems integration, development
and operations support to customers in the defense, intelligence,
space and homeland security communities. The company integrates
land, air, sea, space and cyber assets to facilitate the
collection, exploitation, analysis and dissemination of
mission-critical intelligence information. More information is
available online at http://www.gd-ais.com/. General Dynamics,
headquartered in Falls Church, Va., employs approximately 92,000
people worldwide. The company is a market leader in business
aviation; land and expeditionary combat systems, armaments and
munitions; shipbuilding and marine systems; and information systems
and technologies. More information about General Dynamics is
available online at http://www.gd.com/. Certain statements made in
this press release, including any statements as to future results
of operations and financial projections, may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements are based on management's expectations,
estimates, understandings, projections and assumptions. These
statements are not guarantees of future performance and involve
certain risks and uncertainties, which are difficult to predict.
Therefore, actual future results and trends may differ materially
from what is forecast in forward-looking statements due to a
variety of factors. Additional information regarding these factors
is contained in the company's filings with the Securities and
Exchange Commission, including, without limitation, its Annual
Report on Form 10-K and its Quarterly Reports on Form 10-Q. All
forward-looking statements speak only as of the date they were
made. The company does not undertake any obligation to update or
publicly release any revisions to any forward-looking statements to
reflect events, circumstances or changes in expectations after the
date of this press release. DATASOURCE: General Dynamics Advanced
Information Systems CONTACT: Lucy Ryan of General Dynamics Advanced
Information Systems, +1-703-272-6010, Cell, +1-703-216-7595, Web
Site: http://www.gd-ais.com/
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