General Dynamics Completes Acquisition of NASSCO FALLS CHURCH, VA--General Dynamics has completed its purchase of NASSCO Holdings Inc., the parent company of National Steel and Shipbuilding Company (NASSCO). The companies closed the transaction on November 10, 1998. The 30-day waiting period mandated by the Hart Scott Rodino pre-merger notification act was terminated early by the Federal Trade Commission on November 6. NASSCO Holdings and General Dynamics had announced their definitive agreement for the acquisition on October 8, 1998. The sale price was $370 million, plus the assumption of $45 million net debt. The business will be a wholly owned subsidiary of General Dynamics. San Diego-based NASSCO is a premier designer and builder of U.S. Navy auxiliary ships, and it is the only major new construction yard on the West Coast. It is a principal Navy ship repair facility for the West Coast, and also has proven expertise and efficiency in commercial shipbuilding. General Dynamics, headquartered in Falls Church, Virginia, supplies sophisticated defense systems to the United States and its allies. With its newest acquisition, the company employs approximately 33,000 people and has annualized sales of approximately $5.5 billion.

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