Electric Boat Wins $78 Million Contract for Virginia-class Submarine Work
GROTON, Conn. -- Naval Sea Systems Command has awarded General Dynamics (NYSE: GD) Electric Boat a $77.8 million contract for Virginia-class submarine lead-yard services.
The contract provides funding for design-yard services in support of research and development efforts for the baseline Virginia (SSN-774) design, and technology insertion and upgrades for follow-on ships of the class. The contract also provides for design-yard support for construction of the planned 30 Virginia-class ships.
These submarines will provide the U. S. Navy with the capabilities it requires to maintain the nation’s undersea superiority well into the 21st century. Currently, Electric Boat and its construction teammate, Newport News Shipbuilding, are working on a $4.2 billion contract to build the first four ships of the class. Electric Boat will deliver the first ship, Virginia, in 2004.
General Dynamics of Falls Church, Virginia, has leading market positions in shipbuilding and marine systems, land and amphibious combat systems, information systems, and business aviation. The corporation employs approximately 44,000 people and has annualized sales of approximately $10 billion.
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Any "forward-looking statements" contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Friday, September 29, 2000
Press contact: (860) 433-8556
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