U. S. Navy Awards General Dynamics $6 Million Contract Option for Virginia-class Repair Parts
GROTON, Conn. – The U. S. Navy has awarded General Dynamics Electric Boat, a business unit of General Dynamics (NYSE: GD), a $6 million contract option for the advanced procurement of on-board repair parts for the first four submarines of the Virginia Class.
The work will be shared about equally between Electric Boat (55 percent) and Northrop Grumman Newport News (45 percent), Electric Boat’s teammate in the Virginia-class construction, and will be completed by the end of 2007.
The option is part of a $4.2-billion contract the Navy awarded Electric Boat in 1998 for the construction of the first four ships of the class.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 52,000 people worldwide and had 2001 revenues of $12 billion. The company has leading market positions in land and amphibious combat systems, mission-critical information systems and technologies, shipbuilding and marine systems, and business aviation.
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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, May 21, 2002
Press Contact: (703) 876-3195
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