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Sell in bad times, buy in good times General Dynamics, the makers of the Seawolf and Trident nuclear submarines, has managed to stay afloat even after massive downsizing. The company, a pillar of the military-industrial complex that owes 90 percent of its revenue to the U.S. government, suffered from post-Cold War budget cuts. In 1991 General Dynamics' CEO, former astronaut William Anders, sold the company's Cessna Aircraft division, its electronics business, and its missile operations. Two years later the company sold its Tactical Military Aircraft unit to Lockheed for the substantial sum of $1.5 billion. Buy what you can, when you can But in 1999, with a few 1990s "armed conflicts" boosting stock prices, General Dynamics is poised to rebuild its holdings. In May, General Dynamics announced the $5 billion purchase of Savannah-based luxury jet maker Gulfstream. The combined General Dynamics-Gulfstream business is expected to earn $500 million in cash a year. In April, the U.S. Department of Defense handed General Dynamics a setback by shutting down the company's $1.45 billion offer to buy Newport News Shipbuilding, a maker of aircraft carriers and submarines. (Buying Newport News would have earned General Dynamics 90 percent of the U.S. Navy's R&D funds and 70 percent of its construction budget.) Since the Newport News rejection, General Dynamics has been looking for other acquisitions, eyeing the defense-electronics and government information technology businesses now owned by GTE. From electric boats to stealth fighters General Dynamics was founded in 1899 by John Holland as Electric Boat Company. The company thrived during WWII with ship and submarine production, but as demand waned after the war, the company diversified. Then-CEO John Jay Hopkins formed General Dynamics in 1952 after merging Electric Boat with Canadian aircraft manufacturer Canadair. Since then, the company has developed the F-111 fighter, which played a part in the 1986 U.S. bombing raid on Libya. In 1996 the company purchased the combat vehicle unit of Teledyne for $55 million, and in 1997 bought Lockheed Martin?s Defense Systems and Armament Systems units for $450 million.
To find out more about General Dynamics' divisions and hiring procedures, call the main number in Virginia and ask to speak with Human Resources.
'In and out with the political tides' There have been "a lot of layoffs" and "downsizing" at General Dynamics in the past, reports one insider. The company used to be "much bigger." Now the company realizes they "overdid it a bit" and is back on the hiring trail. Still, the company's fortunes are tied inexorably to the U.S. government. "The government contracts seem to flow in and out with the political tides," says one insider. With the increase in numbers, the company has also "raised salaries" in an effort to keep its engineers. The dress code is "flexible," and employees "never wear a suit." The benefits include a "great stock savings program" that is matched ?dollar for dollar." In terms of ethnic diversity, the mix varies "depending on the location." For example, the Groton, CT office is "fairly" while the Rhode Island location "is not."
Human Resources
Marine;Combat Systems;Land Systems;Radio Systems
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