General Dynamics Corp. will acquire General Motors Corp.â€™s defense unit for $1.1 billion. GM Defense has 2,400 employees and builds armored vehicles for Australia, Canada, Saudi Arabia and New Zealand. The all-cash deal is expected to be finalized in the first quarter of next year, says Reuters. GM Defense expects $950 million in revenue in 2002 and has a backlog of $1.5 billion in contracts.
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