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January 20, 2004

USMR expands in Hawaii

United Defense Industries, Inc. says it is expanding its ship repair presence in Hawaii by entering into an agreement for the purchase of the U.S. Navy ship repair business of Honolulu Shipyard Inc. (HSI) for $16 million. HSI had 2003 revenues of $40 million.

The acquisition, which is to be named Hawaii Shipyards, Inc., is expected to close during the first quarter of 2004. It positions United Defense's U.S. Marine Repair (USMR) subsidiary as the largest private supplier of ship repair and overhaul services for naval vessels stationed in the Navy's third largest homeport at Pearl Harbor, Hawaii.

"We look forward to expanding our presence in Hawaii and for the opportunity to continue to grow our company while providing the resources to better serve our primary customer, the U.S. Navy," said Al Krekich, President of USMR. "We expect to retain the current team and continue ship repair operations at Pearl Harbor."

HSI has been partnering with the South West Marine unit of United States Marine Repair, since 2001 in the repair and maintenance of U.S. Navy ships in Pearl Harbor. According to United Defense "this additional presence affords USMR the opportunity to deliver more efficient services to the U.S. Navy in additional areas of work including Navy active and inactive ships, submarines, and commercial ship repair in Pearl Harbor.

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