Defense contractor General Dynamics Corp (GD.N) said it plans to purchase Fortress Technologies Inc, a provider of secure wireless networking equipment for the U.S. military and other government customers, for an undisclosed amount. General Dynamics, which makes armored vehicles, ships and business jets, said on Tuesday the purchase is expected to close in the third quarter and would add to earnings starting next year. Fortress Technologies products enable secure wireless network capabilities for battlefield logistics, convoy, command post and soldier applications. The company has about 70 employees. The acquisition would fold into General Dynamics' C4 Systems unit, which develops secure communication and information systems.
General Dynamics Corporation offers a portfolio of products and services in business aviation; combat vehicles, weapons systems and munitions; military and commercial shipbuilding, and communications and information technology. Shares of GD traded higher by 1.54% or $1.07/share to $70.71. In the past year, the shares have traded as low as $55.46 and as high as $78.27. On average, 2227250 shares of GD exchange hands on a given day and today's volume is recorded at 232537.
Source
