General Dynamics Buys Axsys Technologies For $643 Million

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September 3, 2009 (FinancialWire) -- General Dynamics (NYSE: GD) has closed its acquisition of Axsys Technologies, Inc., (NASDAQ: AXYS) for $54 in cash per share of Axsys Technologies' outstanding common stock. The cost of the transaction is around $643 million.

Axsys is engaged in the design and manufacture of electro-optical and infrared sensors and systems and multi-axis stabilized cameras. The company's solutions are typically found in applications such as weapon systems, long-range surveillance cameras and highly precise imaging telescopes.

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, according to the defense contractor.

Falls Church, Virginia-based General Dynamics employs around 92,000 people worldwide. The company is offers business aviation systems, land and expeditionary combat systems, armaments and munitions, shipbuilding and marine systems and information systems and technologies.

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