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General Dynamics to build tanks for Iraq

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Tuesday, January 5, 2010

CONTRACTING

General Dynamics to build tanks for Iraq

General Dynamics, the maker of tanks and Gulfstream business jets, won a U.S. Army contract valued at $198 million to build 140 tanks for Iraq under the foreign military sales program.

Work will be completed by May 31, 2011, the Falls Church-based company said Monday in a statement. The Army previously leased 22 tanks to Iraq for training purposes, said Robin Porter, a spokeswoman for the defense contractor.

The M1A1 tanks will feature infrared thermal sights and engines with a filter cleaning system designed to reduce maintenance. The tanks will be built in Lima, Ohio; Scranton, Pa.; Anniston, Ala.; and Tallahassee.

General Dynamics rose $1.02, or 1.5 percent, to close at $69.19. The shares climbed 18 percent in 2009.

-- Bloomberg News

EARNINGS

Sinclair Broadcast lifts revenue outlook

Television broadcasting company Sinclair Broadcast Group said Monday that its broadcast revenue was better than expected during the last three months of the year, helped by automotive advertising.


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