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Article: GD Concludes Santa Barbara Acquisition After Striking Tech Pact.(Brief Article)
- Article from:
- Defense Daily International
- Article date:
- July 27, 2001
CopyrightCOPYRIGHT 2001 Access Intelligence, LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Vago Muradian
WASHINGTON--General Dynamics [GD] in a ceremony on Wednesday in Madrid formally acquired Spain's Santa Barbara, a maker of military systems and armored vehicles, from the country's state-owned SEPI holding company, one week after SEPI inked a technology control pact with Germany's Krauss-Maffei Wegmann.
GD paid $5 million in cash to acquire both Empresa Nacional Santa Barbara de Industrias Militares and Santa Barbara Blindados, and pledged to invest $52 million over the coming five years. In exchange, GD acquired Santa Barbara's backlog that totals about $2 billion in orders for the Spanish as well as other governments. The Spanish ...