General Dynamics Awarded $661 Million in Funding For Two Destroyers
FALLS CHURCH, Va. – The Naval Sea Systems Command, Arlington, Va., announced Friday that General Dynamics (NYSE: GD) will receive a $661 million modification to its 1998-2001 DDG 51 class multiyear contract, providing the funding required to complete construction of the next two ships in the DDG 51 AEGIS class of naval destroyers.
Bath Iron Works, a General Dynamics subsidiary, will begin construction of the ships – DDG 99 and DDG 101 – in 2001, with delivery anticipated in 2006. Advance procurement funds had previously been provided, and the construction funding announced Friday had been anticipated.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 44,000 people and has annualized sales of approximately $10 billion. The company has leading market positions in business aviation, information systems, shipbuilding and marine systems, and land and amphibious combat systems.
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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 - Monday, December 11, 2000
Press contact: (703) 876-3190
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