General Dynamics Electric Boat Receives $54M Contract for Virginia-Class Design Work
GROTON, Conn. – The U.S. Navy has awarded Electric Boat a $54-million contract modification to complete component development work and evaluate technology-insertion opportunities relating to the Virginia-class submarine program. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The contract modification provides funding for ongoing design-yard services in support of the baseline Virginia (SSN-774) design, and technology insertion and upgrades for the follow-on ships of the class. The modification 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, headquartered in Falls Church, Virginia, employs approximately 47,000 people and anticipates 2001 sales of approximately $11.5 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 - Thursday, June 21, 2001
Press Contact: (860) 433-8556
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