General Dynamics is Awarded $42M Contract Modification for Submarine Work
GROTON, Conn. – The U.S. Navy has awarded Electric Boat a $42.3 million contract modification for nuclear submarine work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD). The award is a continuation of a contract awarded in May 1999 to provide design, engineering, material and logistics support for the Trident program, the Trident UK program, the two operational Seawolf-class submarines, NR-1, and efforts supporting Los Angeles-class ships. It also supports work at Puget Sound Naval Shipyard in Bangor, Wash., to backfit older Tridents to accommodate D-5 missiles, and D-5 pre-ERP (Extended Refit Periods) work at Kings Bay, Ga.
Eighty-two percent of the work will be performed at Groton; 13 percent at Newport, R.I.; 2 percent at Puget Sound; 2 percent at Kings Bay.; and 1 percent at Quonset Point, R.I. The contract work is expected to be completed by September 2002.
General Dynamics, headquartered in Falls Church, Va., employs approximately 52,000 people 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. More information about the company can be found at www.generaldynamics.com.
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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 - Tuesday, December 4, 2001
Press Contact: (860) 433-8556
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