General Dynamics and Advanced Technical Products, Inc. today entered into a definitive agreement for General Dynamics to acquire all 5.89 million outstanding shares of Advanced Technical Products (ATP) for a cash purchase price of $33.50 per share. In addition, General Dynamics would assume approximately $36.2 million of ATP's net debt and retire approximately $16.2 million in ATP stock options, bringing the transaction's value to approximately $250 million. The acquisition would be immediately accretive to General Dynamics' earnings. ATP closed at $28.53 in yesterday's trading. The proposed transaction, unanimously approved by the boards of directors of both companies, is subject to ATP shareholder and regulatory approval and customary closing conditions.