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General Dynamics to buy GM defense unit for $1.1 billion

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Falls Church, Va.--General Dynamics Corp. said Thursday it has agreed to acquire General Motors Corp.'s defense unit for $1.1 billion in cash, making General Dynamics the nation's leading maker of armored vehicles at a time when the global market is expanding. General Motors Defense, based in Ontario, anticipates 2002 revenue of about $950 million.
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