FALLS CHURCH, Va., Aug. 28 (UPI) -- The Gayston Corp.'s production of rocket mortar tubes and other munition components for the U.S. military has been acquired by General Dynamics.
General Dynamics, in announcing its acquisition of the privately held Ohio company, didn't disclose the terms of the cash transaction but said it expects the transaction to be accretive to earnings in 2013.
"The acquisition of Gayston's defense operations expands our critical manufacturing capability to cost-efficiently produce high-precision parts in large quantities," said Michael J. Mulligan, president of General Dynamics Armament and Technical Products. "The acquisition also provides us with more opportunities to participate in high-performance weapon system programs."
Gayston, which specializes in aluminum impact extrusion manufacturing, makes rocket motor tubes for the Hydra-70 air-to-ground rocket, liners and cartridges for 40mm ammunition rounds and components for 60-120mm mortar rounds.
General Dynamics said Gayston's defense operations will be part of General Dynamics Armament and Technical Products, which has headquarters in North Carolina.