Printer Friendly

GENERAL DYNAMICS CEO W.A. ANDERS CITES MAJOR COMPANY STRIDES IN 1991, REAFFIRMS COMMITMENT TO CORE DEFENSE BUSINESSES

GENERAL DYNAMICS CEO W.A. ANDERS CITES MAJOR COMPANY STRIDES IN 1991,
 REAFFIRMS COMMITMENT TO CORE DEFENSE BUSINESSES
 FALLS CHURCH, Va., April 1 /PRNewswire/ -- General Dynamics (NYSE: GD) made major strides in 1991 toward strengthening the company and its leadership positions in the defense industry, Chairman and Chief Executive Officer William A. Anders said today.
 Taking note of substantial improvements in the company's performance and financial strength, Anders told a meeting here of the company's key managers: "We're well on our way to creating the kind of internal efficiencies and effectiveness that are mandatory in the segments of the defense marketplace our businesses serve. While we continue that process in 1992, the increasing challenge facing us is to participate with equal effectiveness in the rationalization of our nation's defense industrial base so that each of our businesses can remain or become the premier supplier in its segment."
 Anders directly refuted several industry observers who have misinterpreted the company's announced intention to return excess value to shareholders as an intention to shut down its businesses and "liquidate." "We have been doing exactly what we have said we would do -- increasing our focus on strengthening our core defense businesses, maintaining technical excellence, improving productivity, and rebuilding our financial position, all with a view toward making our businesses stronger in the face of an increasingly challenging industry environment," he said.
 Pointing to the acceleration of reductions in defense funding due to the collapse of the Soviet Union, Anders said, "There is no question that our nation must have a smaller, stronger, more focused defense industrial base. As the nation works to accomplish that objective, we firmly believe that the current debate on future defense budgets must recognize the importance of maintaining leadership in manufacturing critical weapons systems."
 Citing the company's Electric Boat Division as a prime example of the importance of maintaining at least minimal development and production capabilities for key weapons systems, Anders said, "It is being increasingly recognized that the case for building the second and third Seawolf submarines is compelling in terms of preserving this nation's premier submarine design and manufacturing capabilities, extending our military capability into the future, and maintaining cost effectiveness."
 The company's 1991 Shareholder Report, recently mailed to shareholders, underscores the company's approach to rationalizing key defense capabilities. Anders said, "It points out that there can be no question that our tactical military aircraft, submarine and tank operations are leaders in their fields. They can prosper under virtually any reasonable attempt by government to create the kind of smaller but still viable defense industrial base necessary to maintain military superiority."
 With regard to other areas of General Dynamics' business, Anders said, "Our management is actively exploring options to provide them staying power similar to that of our major platform businesses, possibly through sales, acquisitions, mergers, or other arrangements."
 -0- 4/1/92
 /CONTACT: Alvin A. Spivak of General Dynamics, 703-876-3189/
 (GD) CO: General Dynamics ST: Virginia IN: ARO SU:


DC -- DC023 -- 4008 04/01/92 16:00 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 1, 1992
Words:501
Previous Article:TO MEDICAL EDITOR: METRO LIFE FLIGHT SEEKS FORMER PATIENTS FOR 10-YEAR REUNION
Next Article:SANDOZ NUTRITION CALLS FOR WEIGHT MANAGEMENT COMPANIES TO MEET HEALTHCARE INDUSTRY STANDARDS
Topics:


Related Articles
GENERAL DYNAMICS NAMES SENIOR VICE PRESIDENT FOR SPACE POLICY AND TECHNOLOGY
SHAREHOLDERS APPROVE INCENTIVE PLAN MODIFICATIONS; GENERAL DYNAMICS INCREASES YEAR-END CASH BALANCE ESTIMATE TO ABOUT $800 MILLION
GENERAL DYNAMICS ANNOUNCES FOURTH QUARTER, FULL YEAR 1991 RESULTS; $350 MILLION DEBT REDUCTION IN 1992 FIRST QUARTER
GENERAL DYNAMICS INCREASES REGULAR QUARTERLY DIVIDEND TO 40 CENTS PER SHARE FROM 25 CENTS PER SHARE
HUGHES AIRCRAFT COMPANY TO ACQUIRE GENERAL DYNAMICS MISSILE BUSINESS
HUGHES AIRCRAFT COMPANY TO ACQUIRE GENERAL DYNAMICS MISSILE BUSINESS
GENERAL DYNAMICS NAMES ENGLAND, TETRAULT, PSIHAS AND WYNNE AS CORE BUSINESS PRESIDENTS
GENERAL DYNAMICS EXECUTIVES ADDRESS MEETING OF SECURITY ANALYSTS
GENERAL DYNAMICS LEADERS CITE TWO-YEAR TURNAROUND AS BASIS FOR STRONG BUSINESS FUTURE FOR COMPANY
General Dynamics Promotes Turner to President and Chief Operating Officer

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters