18:28 GMT, September 2, 2009 FAIRFAX, Va. | General Dynamics Advanced Information Systems, a business unit of General Dynamics (NYSE: GD), today completed its previously announced purchase of Axsys Technologies, Inc.,
(Nasdaq: AXYS) for $54 in cash per share of Axsys Technologies' outstanding common stock. The cost of the transaction is approximately $643 million.

The acquisition, which was approved by the boards of both companies and Axsys Technologies' shareholders, will be neutral to General Dynamics' earnings in 2009 and accretive thereafter.

Axsys Technologies is a global leader in the design and manufacture of high- performance electro-optical and infrared (EO/IR) sensors and systems and multi-axis stabilized cameras. The company's sophisticated solutions are typically found in applications that demand the finest optical surfaces, highest accuracy and tightest motion-control tolerances, such as weapon systems, long-range surveillance cameras and highly precise imaging telescopes. The company employs approximately 1,000 workers in five principal locations: Cullman, Ala.; San Diego and Grass Valley, Calif.; Nashua, N.H.; and Rochester Hills, Mich.

Lou Von Thaer, president of General Dynamics Advanced Information Systems, said, "Axsys Technologies strengthens our portfolio of offerings and discriminators in the tactical intelligence, surveillance and reconnaissance market. We look forward to maintaining and strengthening the relationships that Axsys Technologies enjoys with its existing customers, and collaborating to create new products and pursue new markets together."