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GENERAL DYNAMICS ANNOUNCES EXPIRATION OF FTC REVIEW PERIOD ON AIRCRAFT TRANSACTION, $95 MILLION GAIN FROM TAX CREDIT STUDY

 FALLS CHURCH, Va., Jan. 22 /PRNewswire/ -- General Dynamics Corporation (NYSE: GD) announced today that the waiting period required under the Hart-Scott-Rodino Act on its proposed sale of the company's Military Aircraft business to Lockheed Corporation (NYSE: LK) has expired. As the Federal Trade Commission (FTC), which reviewed the proposed sale, did not request additional information concerning the acquisition during this period, the parties now expect to close the transaction in February 1993.
 Accordingly, the company's Military Aircraft business will be accounted for as a "Discontinued Operation" in all future General Dynamics financial reporting, including the fourth quarter and full-year 1992 sales and earnings announcement scheduled for release next week. Consequently, the company's "Continuing Operations" will reflect General Dynamics Nuclear Submarines, Armored Vehicles, and Space Launch Systems businesses for both current and historical periods in order to provide meaningful comparisons.
 The company separately reported that its fourth quarter 1992 results would include the recognition of a tax-related gain of $95 million, or $3.05 per share. This gain reflects a tax credit resulting from a thorough study of prior-year investment, research and development expenditures.
 -0- 1/22/93
 /CONTACT: Alvin A. Spivak of General Dynamics, 703-876-3190/
 (GD LK)


CO: General Dynamics Corporation ST: Virginia IN: ARO SU:

TW -- DC005 -- 7776 01/22/93 09:18 EST
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Publication:PR Newswire
Date:Jan 22, 1993
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