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FOR IMMEDIATE RELEASE
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United Defense Industries, Inc. (NYSE: UDI) announced today the
$10 million award to its subsidiary, NORSHIPCO, by Supervisor
of Shipbuilding and Repair, Jacksonville, for two fixed-price
repair packages on the U.S. Navy's aircraft carrier, USS KENNEDY
(CV-66). Work is scheduled to begin in January 2003 and be completed
by late summer 2003 at Naval Station Mayport, Florida, the ship's
home port.
NORSHIPCO has teamed with North Florida Shipyards, Inc. (NFSY),
located in Jacksonville, Fla., to perform this work. According
to Tom Epley, NORSHIPCO's president, "We are pleased to be
teaming with the management and workers at North Florida Shipyards.
Both of our companies bring complementary talents to the table,
enabling us to provide an exceptionally high level of expertise
and experience to our Navy customer."
NORSHIPCO has extensive experience in the repair and maintenance
of aircraft carriers and surface combatants and management of
complex Navy ship repair, modernization and conversion projects.
The NFSY work force has been providing service to the Navy for
over 15 years and has extensive knowledge of the local ship repair
market.
This teaming arrangement with NFSY represents entry into another
major Navy market by NORSHIPCO. Both companies will share office
space at the Naval Station, with NORSHIPCO serving as the prime
contractor, providing program management, materials procurement
and communication with the Navy on all contract matters. NFSY
will serve as the principal fixed-price subcontractor on this
job and all future team proposals, providing local labor and supervision,
production support and coordination with NORSHIPCO of consumable
materials.
"By combining resources, we are able to provide the Navy
and the American taxpayer with the best value in ship repair.
We are proud to be teaming with an outstanding company in support
of our men and women charged with defending our country and our
freedoms," said Matthew Self, NFSY president and general
manager.
NORSHIPCO is a member of the United States Marine Repair (USMR)
family of shipyards, a wholly owned subsidiary of United Defense
with facilities in Norfolk, Va.; San Diego, San Pedro and San
Francisco, Calif.; Ingleside, Texas; and Pearl Harbor, Hawaii.
United Defense is a leader in the design, development and production
of combat vehicles, artillery, naval guns, missile launchers and
precision munitions used by the U.S. Department of Defense and
allies worldwide and is America's largest non-nuclear ship repair,
modernization and conversion company. To learn more about United
Defense, visit www.uniteddefense.com.
Information in this release may involve guidance, expectations,
beliefs, plans, intentions or strategies regarding the future.
These forward-looking statements involve risks and uncertainties.
All forward-looking statements included in this release are based
upon information available to United Defense Industries, Inc.
as of the date of the release, and we assume no obligation to
update any such forward-looking statements. The statements in
this release are not guarantees of future performance and actual
results could differ materially from our current expectations.
Numerous factors could cause or contribute to such differences.
Please refer to the Company's Quarterly Report on Form 10Q for
the quarter ended June 30, 2002, and in our other reports filed
from time to time with the Securities and Exchange Commission
for a further discussion of the factors and risks associated with
our business.
Doug Coffey
United Defense
(703) 312-6121
Jackie Kreisler
Southwest Marine
(619) 557-4289
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