23 June 2002
23 June 2002
General Dynamics has completed its $250 million acquisition of Advanced Technical Products, which is now part of GD's new Armament and Technical Products business unit.
GD purchased Advanced Technical Products' (ATP) 5.89 million outstanding shares at a cost of $33.50 each, for a total of $197 million. Under the deal, GD also assumed $36.2 million in ATP debt and retired $16.2 million in ATP stock options.
GD and ATP entered into a definitive agreement on March 2, following unanimous approval by both companies' boards. Regulatory approval was granted early last week and ATP shareholders approved the terms on Wednesday, a GD spokeswoman said.
The new business unit formed after the deal, GD's Armament and Technical Products (GDATP), is part of GD's Combat Systems group, and replaces the former GD Armament Systems (GDAS).
In addition to armament, detection, and deception systems GDATP will now manufacture advanced composites-bases products, including autoclave lamination, filament winding, resin transfer molding and metal bonding. These products have applications on many U.S. fighter and helicopter aircraft.
Linda Hudson, the president of the former GDAS, was named the president of the new division. GDATP now employs 2,400 people and is headquartered in Burlington, Vt.