FALLS CHURCH, VA. — General Dynamics has announced plans to acquire Galaxy Aerospace Co., LP, for $330 million in cash.
Fort Worth-based Galaxy, a joint venture formed in 1997 between the Hyatt Corporation and Israel Aircraft Industries, Inc., anticipates 2001 revenues of $635 million and operating income of $72 million, General Dynamics said in a statement announcing the plans. The deal is expected to close next month.
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Galaxy will be folded into General Dynamic’s Aerospace group, which includes Gulfstream Aerospace.
Last week, General Dynamics announced its intentions to acquire Newport News Shipbuilding for $2.6 billion. The deal, which must be approved by the Pentagon, is expected to close in the third quarter.
