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                                                                      EXHIBIT 99


                                                    MONDAY, MAY 17, 1999

GENERAL DYNAMICS TO ACQUIRE GULFSTREAM
IN $5.3 BILLION STOCK DEAL

TRANSACTION WILL BE ACCRETIVE TO EARNINGS AND CASH FLOW

FALLS CHURCH, VA. AND SAVANNAH, GA. - General Dynamics (NYSE: GD) and Gulfstream
Aerospace Corporation (NYSE: GAC) announced today that they have entered into a
definitive agreement for General Dynamics to acquire Gulfstream Aerospace
Corporation in a one-for-one stock swap, valued at $71.44 per Gulfstream share,
or approximately $5.3 billion, based on General Dynamics' closing price on May
14, 1999. The transaction, which will be accounted for as a pooling of
interests, is expected to be tax-free to Gulfstream shareholders.

      The proposed acquisition, unanimously approved by the boards of directors
of both companies, is subject to shareholder and regulatory approval and
customary closing conditions. It is expected to be completed in the third
quarter of 1999.

       Gulfstream had 1998 revenues of $2.4 billion and earnings of $225.3
million. At the end of the first quarter of 1999, Gulfstream reported fully
diluted shares of approximately 74 million. On the same basis, General Dynamics
reported approximately 128 million shares. General Dynamics is expected to have
approximately 202 million shares outstanding after the acquisition is completed.

       "This transaction will be immediately -- and handsomely -- accretive to
earnings and cash flow, and a fine addition to General Dynamics," said Nicholas
D. Chabraja, General Dynamics chairman and chief executive officer. "Gulfstream,
our first major commercial acquisition, is squarely within the criteria we
established five years ago in our strategy for building shareholder value.
Beyond our defense core, that strategy calls for opportunistically pursuing
businesses where we can apply our core competencies in development, design and
production -- and Gulfstream is a perfect fit. As Gulfstream moves further into
computer aided design and manufacturing, our broad expertise in establishing
efficient manufacturing environments - plus our heritage in aircraft development
and production -- will add significant value.

      "Gulfstream is a superbly run company and it produces the best business
jets in the world," Chabraja added. "It has an innovative and effective
marketing organization and a team of talented, hardworking employees. Its lean
management structure and focus on operating excellence and customer satisfaction
make it a strong cultural fit with General Dynamics," Chabraja said. "This
transaction will create value for the shareholders of both companies, and
creates additional opportunities for Gulfstream employees."

      Theodore J. Forstmann, chairman and chief executive officer of Gulfstream,
said, "Running Gulfstream for the past six years has been easily the most
rewarding experience of my business

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career. During this period, my partner Sandra Horbach and I, together with the
senior management and employees of Gulfstream, have built a company with a solid
financial structure, a large backlog, a totally dominant brand in the global
marketplace and very significant prospects for further growth. Gulfstream should
now be part of a larger enterprise. We have been offered a fair price, and, in
General Dynamics, have found a good home for this great American company and its
superb employees."

      "Gulfstream Aerospace would become a wholly-owned subsidiary of General
Dynamics," said Chabraja, "with no change to its existing management,
operations, facilities, or work force. I have asked Ted Forstmann to stay on as
chairman of Gulfstream, and I am delighted that he has accepted." W.W. Boisture,
Jr., will continue as president and chief operating officer, and Chris A. Davis
will continue as executive vice president and chief financial and administrative
officer.

      Forstmann Little & Co., which owns approximately 16.5 million Gulfstream
shares, or approximately 23 percent of Gulfstream's outstanding shares, has
agreed to vote its shares in favor of the transaction. Theodore Forstmann is a
senior partner of that company.

      Gulfstream Aerospace is the leading designer, developer, manufacturer and
marketer of the world's most technologically advanced business jet aircraft. It
has produced more than 1,000 aircraft for customers around the world since 1958.
Gulfstream offers a broad range of aircraft products and services to meet the
aviation needs of its customers, including the Gulfstream IV-SP, the ultra-long
range Gulfstream V, Gulfstream Shares, Gulfstream Financial Services, Gulfstream
Lease, Gulfstream Pre-Owned Aircraft Sales, Gulfstream Charter Services,
Gulfstream Management Services and Gulfstream ServiceCare.

      Gulfstream ended the first quarter of 1999 with a $4.1 billion backlog of
129 aircraft. The company has 7,800 employees, with operations in six states.

      General Dynamics, headquartered in Falls Church, Virginia, provides
sophisticated defense systems to the United States and its allies. Its products
include nuclear submarines, surface combatants, auxiliary ships, armored
vehicles and other combat systems, and information systems. The company has
29,000 employees and had 1998 sales of $5 billion.

      Bear, Stearns & Co. Inc. is financial advisor to General Dynamics.
Merrill Lynch & Co. and Goldman, Sachs & Co. are financial advisors to
Gulfstream.

CONTACTS: General Dynamics: Investors - Ray Lewis / 703-876-3195
                            Media - Norine Lyons / 703-876-3190

          Gulfstream Aerospace: Investors - Tricia Bergeron / 912-965-3700
                                Media - Pat Coulter / 912-965-3005

          Forstmann Little: George Sard/Anna Cordasco @ Sard Verbinnen
                            & Co / 212-687-8080

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GENERAL DYNAMICS ANALYST/PRESS MEETING AND CONFERENCE CALL
- ----------------------------------------------------------

9:30 A.M. MONDAY, MAY 17, 1999

THE EQUITABLE BUILDING

787 SEVENTH AVENUE (51ST STREET) IN THE ALEXANDER ROOM, 49TH FLOOR

DIAL-IN NUMBER: (U.S. AND CANADA) 1-800-852-5279

                 INTERNATIONAL CALLERS: 303-267-1006


A REPLAY OF THE CONFERENCE WILL BE AVAILABLE FROM 11 AM ON MAY 17 UNTIL 5 PM ON
MAY 24

U.S. AND CANADA:      1-800-625-5288

INTERNATIONAL CALLERS:    303-804-1855

ASK FOR RESERVATION NUMBER 547462



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