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Market Chatter: General Dynamics to Invest $200 Million to Restart Texas Munitions Facility

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General Dynamics (GD) will invest $200 million and unwind its partnership with Turkish defense contractor Repkon as it seeks to start production of 155mm artillery shells at a Texas plant, Bloomberg reported Monday, citing people familiar with the matter.

The munitions manufacturing equipment supplied by Repkon failed to meet required standards and is expected to be replaced by hardware and management from privately held Deterrence Defense, according to the news outlet.

The additional $200 million investment would come on top of the $591 million contract the US Army awarded to General Dynamics for the Texas facility, which was designed to operate three production lines capable of manufacturing 30,000 155mm artillery shells per month, the report added.

General Dynamics did not immediately respond to' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: $339.09, Change: $-7.74, Percent Change: -2.23%

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