Defense firm General Dynamics (GD: sentiment, chart, options) said today that it will acquire AxleTech International, a producer of axles and other parts for military vehicles, from The Carlyle Group for an undisclosed amount. If there's a credit crunch going on, GD seems oblivious; earlier this month, the company wrapped up its $2.25-billion acquisition of Jet Aviation.

According to General Dynamics, the acquisition is expected to close by the end of the year, and will be immediately accretive to earnings. Troy, Michigan-based AxleTech employs roughly 1,000 workers worldwide, compared to 91,200 employees on the GD payroll.

Investors seem skeptical of GD's recent M&A bender, with the stock down 2% as midday approaches. The shares are riding close to the 52 region, which previously contained their late-October lows.