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Dynetics CEO explains more about company sale to Leidos

David King says his employees are getting a big bonus after Dynetics will be sold to a Fortune 500 company.

Posted: Dec 18, 2019 6:23 PM
Updated: Dec 19, 2019 8:53 AM

On Wednesday, WAAY 31 learned more about a Fortune 500 company buying a major local employer.

A company called Leidos is buying Dynetics for $1.65 billion cash.

"We found Leidos to be the kind of company that we want to be apart of and it was time, it was just the right time for a lot of reasons," said David king, CEO of Dynetics.

CEO of Dynetics David King says this sale is a positive for the company and the employees.

For those of you who don’t know Dynetics, the majority of its work is for the Department of Defense.

"We build a lot of hardware, we do a lot of systems, we provide a lot of solutions for the Army, Navvy, Air Force," said David king, CEO of Dynetics.

King says the company participates in an employee stock ownership plan which means the employees are looking at a big bonus.

"When we are bought by a public company such as Leidos, the employees actually get cashed out and get paid out from their ownership in the company. I think we've created some wealth for a few folks in town," said David king, CEO of Dynetics.

King says Dynetics currently employees more than two thousand people.

He says employees will not lose jobs and in fact they may be adding some.

"We are going to continue to grow and do better and better things for our customers," said David king, CEO of Dynetics.

Officials from Dynetics say the deal is looking to close in early 2020.

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