General Dynamics Awarded $57M Contract Modification for Submarine Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat a $56.9 million contract modification for nuclear-submarine work. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The contract was initially awarded in May 1999 and could be worth more than $742 million over five years if all options are exercised and funded. Under the terms of the modification, Electric Boat will 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. Electric Boat will also provide planning, scheduling and technical support for submarine maintenance activities.
Fifty-three percent of the work will be performed at Groton; 25 percent at Bangor, Wash.; 18 percent at Kings Bay, Ga.; and 4 percent at Newport and Quonset Point, R.I. Work performed under the modification is expected to be completed by September 2003.
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)
News Release - Wednesday, November 20, 2002
Press Contact: (860) 433-8556
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