U.S. Navy Awards General Dynamics $8.1M Contract to Perform Nuclear Work
GROTON, Conn. – The U.S. Navy has awarded General Dynamics Electric Boat an $8.1 million contract modification to manage and support nuclear-maintenance work for submarines homeported at Submarine Base – New London. Electric Boat is a wholly owned subsidiary of General Dynamics (NYSE: GD).
The contract being modified was initially awarded in March 2001 and could be worth up to $39.9 million over five years if all options are exercised and funded. Under the terms of this modification, Electric Boat will continue to operate the Nuclear Regional Maintenance Department (NRMD) at the submarine base through Sept. 30, 2003. The company will provide project-management, planning, training and radiological-control services in support of nuclear submarine maintenance, modernization and repairs for operational submarines. A core group of 23 Electric Boat employees are assigned to the NRMD, with surge groups of up to 60 shipyard employees for short periods.
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 - Thursday, November 21, 2002
Press Contact: (860) 433-8556
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