Monday, General Dynamics Armament and Technical Products, a business unit of General Dynamics Corp. (GD), said that it has been awarded a $9 million worth contract from U.S. Army TACOM-Rock Island, Illinois for the production of M2 heavy barrel machine guns.
The company noted that deliveries on the contract are expected to begin in late 2009.
Dean Gagnon, senior program manager of General Dynamics Armament and Technical Products gun systems , said, "The .50 caliber M2 heavy barrel machine gun is a belt-fed, recoil-operated, air-cooled, crew-served weapon capable of right- or left-hand feed."
He also noted that the weapon's accuracy, durability and versatility will make it ideal for offensive and defensive operations.
The company said production work will be performed at its Saco, Maine, facility, which has been in the business since 1979, having produced more than 25,000 M2 heavy barrel machine guns to the U.S. government so far.
GD is currently trading at $59.16, up 3.08% or $1.77, on a volume of 1,536,816 shares on the NYSE.
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