Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  General Dynamics Corporation    GD

GENERAL DYNAMICS CORPORATION

(GD)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

China says will freeze out U.S. companies that sell Taiwan arms

share with twitter share with LinkedIn share with facebook
share via e-mail
0
07/15/2019 | 11:57pm EDT

BEIJING (Reuters) - China's government and Chinese companies will cut business ties with U.S. firms selling arms to Taiwan, China's Foreign Ministry said on Monday, declining to give details of the sanctions in a move likely to worsen already poor ties with Washington.

China claims self-ruled and democratic Taiwan as its own and has never renounced the use of force to bring it under Beijing's control. China regularly calls Taiwan the most sensitive issue in its relations with the United States.

Last week, the Pentagon said the U.S. State Department had approved the sale of the weapons requested by Taiwan, including 108 General Dynamics Corp M1A2T Abrams tanks and 250 Stinger missiles, which are manufactured by Raytheon.

China said on Friday it would sanction U.S. companies selling weapons to Taiwan but did not elaborate.

The latest deal involves $2.2 billion worth of tanks, missiles and related equipment for Taiwan.

Chinese Foreign Ministry spokesman Geng Shuang said the arms sales were a violation of international law and harmed China's sovereignty and national security.

"China's government and Chinese companies will not cooperate or have commercial contacts with these U.S. companies," he told a daily news briefing.

"I can't reveal the details at the moment. But believe this - Chinese people always stress standing by their word."

On Sunday, the ruling Communist Party's official People's Daily posted an article on its WeChat account identifying U.S. companies that could be vulnerable to sanctions.

They included Honeywell International Inc, which makes the engines for the Abrams tanks, and private jets maker Gulfstream Aerospace, which is owned by General Dynamics. China is an important market for both Honeywell and Gulfstream.

Honeywell, in a statement sent to Reuters, said the arms deal was "a government-to-government sale, initiated by the United States government".

"Honeywell has no input into these agreements and has had no direct dealings with Taiwan. We are a component provider and do not decide where the products are used. We see no reason why Honeywell would be potentially sanctioned by the Chinese government."

The other companies did not respond to requests for comment.

Ties between China and the United States are already strained over a trade war, which has seen them levy tariffs on each other's imports.

This is not the first time China has said it would sanction U.S. companies selling weapons to Taiwan. China has announced such steps at least twice before - in 2010 and 2015 - but it is unclear if the sanctions were ever imposed.

U.S. defence contractors have been barred from dealings with Beijing since China's bloody crackdown on pro-democracy demonstrators on and around Tiananmen Square in 1989.

While its relations with Taiwan are technically unofficial, the United States is required by law to assist Taiwan in its defence and is its main supplier of arms, though France has also previously sold warships and fighter jets to Taiwan.

China has been angered as well by the United States allowing Taiwan President Tsai Ing-wen to visit last week, on her way to diplomatic allies in the Caribbean. She is due to transit the United States again at the end of her trip next week.

(Reporting by Ben Blanchard; Additional reporting by Liangping Gao, Yilei Sun and Stella Qiu; Editing by Nick Macfie and Michael Perry)

By Ben Blanchard

Stocks mentioned in the article
ChangeLast1st jan.
GENERAL DYNAMICS CORPORATION 1.76% 187.59 Delayed Quote.19.32%
HONEYWELL INTERNATIONAL 0.50% 165.86 Delayed Quote.25.54%
RAYTHEON 0.56% 179.19 Delayed Quote.16.20%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on GENERAL DYNAMICS CORPORATI
11:28aGENERAL DYNAMICS : Gulfstre6m Earns Sustainability Leadership Award; Sustainable..
AQ
08/16GENERAL DYNAMICS : Canada to Buy 360 General Dynamics Vehicles for Up to C$3 Bil..
DJ
08/15GENERAL DYNAMICS : Announces First Gulfstream G600 Delivery; All-new business je..
AQ
08/15GENERAL DYNAMICS : Gulfstream earns sustainability leadership award
AQ
08/15GENERAL DYNAMICS : GULFSTREAM ENHANCES CUSTOMER SUPPORT IN LATIN AMERICA; Author..
AQ
08/15GENERAL DYNAMICS : Gulfstream Earns Sustainability Leadership Award; Sustainable..
AQ
08/13GENERAL DYNAMICS : GULFSTREAM ENHANCES CUSTOMER SUPPORT IN LATIN AMERICA; Author..
AQ
08/13GENERAL DYNAMICS : GULFSTREAM EARNS SUSTAINABILITY LEADERSHIP AWARD; Sustainable..
AQ
08/13GENERAL DYNAMICS : Gulfstream Earns Sustainability Leadership Award
PR
08/09GENERAL DYNAMICS : GULFSTREAM DELIVERS FIRST G600;All-New Aircraft Enters Servic..
AQ
More news
Financials (USD)
Sales 2019 39 246 M
EBIT 2019 4 610 M
Net income 2019 3 445 M
Debt 2019 9 409 M
Yield 2019 2,14%
P/E ratio 2019 15,8x
P/E ratio 2020 14,4x
EV / Sales2019 1,62x
EV / Sales2020 1,51x
Capitalization 54 055 M
Chart GENERAL DYNAMICS CORPORATION
Duration : Period :
General Dynamics Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GENERAL DYNAMICS CORPORATI
Short TermMid-TermLong Term
TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 206,33  $
Last Close Price 187,59  $
Spread / Highest target 35,9%
Spread / Average Target 9,99%
Spread / Lowest Target -7,78%
EPS Revisions
Managers
NameTitle
Phebe N. Novakovic Chairman & Chief Executive Officer
Jason Wright Aiken Chief Financial Officer & Senior Vice President
Les L. Lyles Independent Director
James Schine Crown Lead Independent Director
William A. Osborn Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
GENERAL DYNAMICS CORPORATION19.32%53 122
UNITED TECHNOLOGIES CORPORATION17.44%107 897
LOCKHEED MARTIN CORPORATION43.98%106 464
NORTHROP GRUMMAN CORPORATION50.23%62 250
RAYTHEON16.20%49 632
HARRIS CORPORATION--.--%46 689