General Dynamics' Electric Boat and Land Systems Units Awarded Contracts Worth up to $90 Million
FALLS CHURCH, Va. – General Dynamics (NYSE: GD) announced today that its Electric Boat and Land Systems subsidiaries had each been awarded contracts this week with a cumulative potential value of $90 million. Each contract was previously announced by the Department of Defense.
On October 18, General Dynamics Electric Boat, Groton, Conn., was awarded a $13.4 million contract for reactor plant planning yard services in support of the nuclear powered submarine program. Work will be performed in Groton, Conn. (95%), and Charleston, S.C. (5%). The award includes options exercisable by the Navy for four additional years for a potential contract value of up to $79.8 million.
This work will encompass engineering services for lifecycle support, maintenance and modernization of the reactor plants and selected propulsion-plant systems of Los Angeles, Trident and Seawolf-class submarines, and the nuclear research submarine NR-1. The Naval Sea Systems Command, Washington, D.C., awarded the contract.
On October 16, General Dynamics Land Systems, Sterling Heights, Mich., was awarded a $9.8 modification to an existing contract for long-lead material for 100 Abrams M1A1 tank kits for the country of Egypt. Work will be performed in Sterling Heights, Mich., and completion is expected by July 30, 2002. The U.S. Army Tank-Automotive & Armaments Command, Warren, Mich., awarded the contract.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 52,000 people worldwide and anticipates 2001 sales of approximately $12 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 - Friday, October 19, 2001
Press Contact: (703) 876-3190
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