U.S. Navy Awards General Dynamics $48.2M for Virginia Class R&D
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat, a wholly owned subsidiary of General Dynamics (NYSE:GD), a $48.2 million modification to an existing contract for research and development work on the Virginia-Class submarine program. The contract was initially awarded in September 2000, and could be worth $480 million over five years if all options are exercised and funded.
Under the terms of this modification, Electric Boat will perform development studies for Virginia-Class design improvements, and will continue to evaluate new technologies for insertion into succeeding Virginia-Class submarines.
The Virginia Class will provide the U.S. Navy with the capabilities it requires to maintain its undersea superiority well in the 21st century. Electric Boat and its construction teammate, Northrop Grumman Newport News, are currently building the first four ships of the class under a $4.2 billion contract. Electric Boat will deliver the lead ship, Virginia (SSN-774), in 2004. A total of 30 submarines are planned for the class.
General Dynamics, headquartered in Falls Church, Virginia, employs approximately 54,000 people worldwide and anticipates 2002 revenues of approximately $14 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)
Press Release - Wednesday, September 25, 2002
Press Contact: (860) 433-8556
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