General Dynamics to pay $1.1 bln for GM military unit

Newswire

FALLS CHURCH, Va., Dec 19 (Reuters) - Defense contractor General Dynamics Corp. said on Thursday it signed a deal to buy General Motors Corp.'s defense unit for $1.1 billion to bolster its production of combat vehicles. General Dynamics, which makes defense products such as submarines and destroyers, said it expected the deal to close in the first quarter of 2003. GM's defense unit expects to report $950 million in revenue in 2002, and has a backlog -- contracts from its customers -- of ...

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