General Dynamics Wins $132.7 Million Saudi Tank Contract
On Tuesday, General Dynamics (NYSE: GD ) announced it has won a $132.7 million contract to supply Saudi Arabia with 69 Saudi-version Abrams main battle tanks, designated the M1A2S. According to a press release General Dynamics issued on the matter, this sale, awarded by the U.S. Army TACOM Life Cycle Management Command, builds on work begun in 2008, whereby General Dynamics has been upgrading the kingdom's fleet of M1A1 and M1A2 tanks to the M1A2S configuration preferred by the Saudis.
General Dynamics estimates that work on the new contract will be complete by July 31, 2014.
Shares of General Dynamics declined 2% in Tuesday trading, closing at $70.41.
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