General Dynamics (NYSE: GD) announced today that, following a comprehensive review of the structure of its Combat Systems business group, General Dynamics Armament and Technical Products will be consolidated into General Dynamics Ordnance and Tactical Systems.
Mark C. Roualet, executive vice president of the Combat Systems group for General Dynamics, said, "In the face of changing demand in some of our markets and increasing competition across the board, we have determined that consolidation is the best way to maintain the competitiveness and profitability of these lines of business. This move will enable us to achieve greater efficiencies in operations and create more opportunities for growth.
"We remain committed to meeting the needs of our customers in each of the markets served by General Dynamics, and we believe this restructuring will improve the value of the products we deliver and the agility with which we respond to customers' changing requirements."
Michael S. Wilson, president of General Dynamics Ordnance and Tactical Systems, will lead the combined organization.The company's headquarters will be in St. Petersburg, Fla.The consolidation will result in the closing of the Charlotte, N.C., headquarters of General Dynamics Armament and Technical Products by the end of 2013.
Source: General Dynamics Corporation (NYSE: GD)
Date: Jul 16, 2013